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Simple English definitions for legal terms
agreed value
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A quick definition of agreed value:
Agreed value is when people agree on how much something is worth. This can be important for things like insurance, where the agreed value is the amount of money that will be paid if something happens to the insured item. It can also be used for other types of property, like a car or a house. The agreed value is usually written down in a contract or policy so that everyone knows how much the item is worth.A more thorough explanation:
Agreed value refers to the value of a property that is fixed by agreement between the parties involved. This can be seen in an insurance policy where a list of property values is agreed upon. It is different from fair market value, which is the price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction.
For example, if a homeowner and an insurance company agree that the value of the homeowner's property is $500,000, then that is the agreed value. This value will be used in the event of a claim, regardless of whether the fair market value has increased or decreased.
agreed statement on appeal | agreement of imperfect obligation