Open Policy in United States

Open Policy Definition

An open policy is one in which the amount of the interest of the insured is not fixed by the policy, and is to be ascertained in case of loss. See Policy.

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Legal Issue for Attorneys

An open policy is one in which the amount of the interest of the insured is not fixed by the policy, and is to be ascertained in case of loss. See Policy.

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This definition of Open Policy is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

An insurance agreement where the value of the insured property is not fixed, but is left to be definitely determined after the loss occurs. The term is also used to refer to a “floating” insurance agreement, which covers all goods of the assured as and when acquired. See also valued policy (in U.S. law).

(Revised by Ann De Vries)

What is Open Policy?

For a meaning of it, read Open Policy in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Open Policy.