Definitions

from The American Heritage® Dictionary of the English Language, 4th Edition

  • n. An insurance policy requiring the insurer to pay the insured the full face value of the policy in the event of total loss, regardless of the actual value of the lost property.

from the GNU version of the Collaborative International Dictionary of English

  • A policy in which the value of the goods, property, or interest insured is specified; -- opposed to open policy.
  • n. one in which the value of the goods, property, or interest insured is specified.

Etymologies

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