Insured Value
/ɪnˈʃʊrd ˈvæljuː/
Definitions
- (n.) The monetary amount stated in an insurance policy representing the maximum limit payable by the insurer in the event of a loss.
The insured value of the property was declared at $500,000 in the policy.
Forms
- insured value
Related terms
See also
Commentary
The insured value is crucial for determining an insurer's liability; it should be clearly defined in the policy to avoid disputes over claim amounts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.