Definitions for "Valued policy"
A policy in which the value of the goods, property, or interest insured is specified; -- opposed to open policy.
An insurance policy under which the insurance company is obligated to pay the full amount of the policy written to insure real property against loss by fire (and, sometimes, other perils) when the property insured is totally destroyed. Several states have laws that are known as Valued Policy Laws.
a policy that specifies the agreed value of the subject-matter insured