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Property insurance policies are classified into:
1. Open policy – Value of thing insured is not agreed upon, but left to be ascertained at
time of loss;
2. Valued policy – Definite valuation is agreed upon by both parties, and written on the face
of the policy;
3. Running policy – Contemplates successive insurances and which provides that the subject of the policy may from time to time be defined.
Life insurance policies are always valued policies.
1. Open policy – Value of thing insured is not agreed upon, but left to be ascertained at
time of loss;
2. Valued policy – Definite valuation is agreed upon by both parties, and written on the face
of the policy;
3. Running policy – Contemplates successive insurances and which provides that the subject of the policy may from time to time be defined.
Life insurance policies are always valued policies.
