between the assured and the underwriter , but is left to be estimated in case of loss. The term is opposed to ” valued policy ,” in which the value of the subject insured is fixed for the purpose of the insurance, and expressed on the face of the policy. Mozley & Whitley. Riggs v. Fire Protection Ass’n, 61 S. C. 448, 39 S. E. 614; Cox v. Insurance Co., 3 Rich. Law, 331, 45 Am. Dec. 771; Insurance Co. v. Butler, 38 Ohio St. 128. But this term is also sometimes used in America to describe a policy in which an aggregate amount is expressed in the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. London Assur. Corp. v. Paterson. 106 Ga. 538, 32 S. E. 650
Black’s Law Online Dictionary
