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Simple English definitions for legal terms

agreed-amount clause

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A quick definition of agreed-amount clause:

Agreed-Amount Clause: This is a part of an insurance policy that says the insured person or company has agreed to carry a certain amount of coverage. This means that if something bad happens and the insured needs to make a claim, the insurance company will pay up to the agreed amount to help cover the costs. It's like making a promise to have enough insurance to protect yourself or your business.

A more thorough explanation:

An agreed-amount clause is a provision in an insurance policy that requires the insured to carry a specific amount of coverage. This means that the insurer and the insured have agreed upon the amount of coverage that will be provided in the event of a claim.

Let's say that John owns a car worth $20,000. He purchases an auto insurance policy with an agreed-amount clause that states he will carry $20,000 in coverage. If John gets into an accident and his car is totaled, the insurance company will pay out the agreed-upon amount of $20,000 to cover the cost of the car.

Another example could be a homeowner's insurance policy with an agreed-amount clause for the value of the home. If the home is destroyed in a fire, the insurance company will pay out the agreed-upon amount to cover the cost of rebuilding the home.

These examples illustrate how an agreed-amount clause works by setting a specific amount of coverage that the insured must carry. This helps to ensure that the insured is adequately protected in the event of a claim, and that the insurer knows exactly how much they will need to pay out.

agree | agreed boundary

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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
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