Definitions
American Heritage® Dictionary of the English Language, Fourth 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.
GNU Webster's 1913
- n. one in which the value of the goods, property, or interest insured is specified.
- (Fire Insurance) A policy in which the value of the goods, property, or interest insured is specified; -- opposed to
open policy .
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