Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

unvalued policy

See INSURANCE POLICY.

valued policy

An insurance policy in which the sum to be paid when a loss occurs is fixed by the terms of the contract. ( The value agreed on is conclusive for a total loss and provides a basis for determining recovery in cases of partial loss. This value is in the nature of liquidated damages.