valued-policy law Sentence Examples
- The valued-policy law guarantees that insurance companies reimburse policyholders for the full value of their covered property, regardless of the actual cash value.
- In states with valued-policy laws, homeowners can recover the full replacement cost of their home, even if it exceeds the amount of coverage listed on their policy.
- Valued-policy laws protect policyholders from undervaluation by insurance companies, ensuring they receive fair compensation for their losses.
- The valued-policy law applies to both total and partial losses, providing comprehensive coverage for policyholders.
- Insurance companies are legally obligated to comply with valued-policy laws, which are designed to protect consumers.
- Valued-policy laws encourage property owners to adequately insure their properties, as they know they will not be financially penalized if they experience a loss.
- Some states have specific provisions in their valued-policy laws that define what constitutes "full value" for different types of property.
- Valued-policy laws are particularly important in areas prone to natural disasters, where homeowners need to be assured of adequate financial protection.
- Insurance companies may challenge the application of valued-policy laws based on fraud or misrepresentation by policyholders.
- Valued-policy laws strike a balance between protecting policyholders from financial hardship and encouraging responsible insurance practices.
valued-policy law Meaning
valued-policy law ()
A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the property at the time of the loss.
Synonyms & Antonyms of valued-policy law
No Synonyms and anytonyms found
FAQs About the word valued-policy law
A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the proper
No synonyms found.
No antonyms found.
The valued-policy law guarantees that insurance companies reimburse policyholders for the full value of their covered property, regardless of the actual cash value.
In states with valued-policy laws, homeowners can recover the full replacement cost of their home, even if it exceeds the amount of coverage listed on their policy.
Valued-policy laws protect policyholders from undervaluation by insurance companies, ensuring they receive fair compensation for their losses.
The valued-policy law applies to both total and partial losses, providing comprehensive coverage for policyholders.
