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LSDefine

Simple English definitions for legal terms

open policy

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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

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triplethread
13:28
mamas getting denied
JumpySubsequentDolphin
13:29
the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
13:29
it feels like home
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
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