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Valued policy law |
: a law requiring insurance companies to pay to the insured in case of total loss the full amount of insurance regardless of the actual value of the property at the time of the loss
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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choate lien
a lien that requires no further action to be made enforceable and that identifies the lienor, the property subject to the lien, and the amount of the lien
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