Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

open policy

Read a random definition: diversion

A quick definition of open policy:

An open policy is a type of insurance policy that does not state the value of the insured property. Instead, the value must be proven in case of loss. This is different from a valued policy, which sets a fixed amount to be paid out in case of loss. Open policies are also sometimes called unvalued policies. Insurance policies are contracts that protect against loss or damage, and can cover a wide range of risks and situations.

A more thorough explanation:

An open policy is a type of insurance policy that does not state the value of the insured property. Instead, upon loss, the policyholder must provide proof of the property's worth. This type of policy is also known as an unvalued policy.

  • A jewelry store owner purchases an open policy to insure their inventory. If a theft occurs, the owner must provide proof of the value of the stolen items to receive compensation.
  • A shipping company purchases an open policy to insure their cargo. If a shipment is lost at sea, the company must provide proof of the value of the lost goods to receive compensation.

These examples illustrate how an open policy requires the policyholder to provide proof of the value of the insured property in the event of a loss. Without this proof, the policyholder may not receive full compensation for their losses.

open-perils policy | open possession

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
LSD+ is ad-free, with DMs, discounts, case briefs & more.