North Dakota § 26.1-30-03 Policies classified - Open, running, and valued policies defined

North Dakota Statutes

§ 26.1-30-03 — Policies classified - Open, running, and valued policies defined

North Dakota·Title 26.1 Insurance·Ch. 26.1-30 Insurance Policies

An insurance policy is open, running, or valued, and these terms are defined as follows:

1.An open policy is one in which the value of the thing insured is not agreed upon but is left to be ascertained in case of loss.

2.A running policy is one which contemplates successive insurances and which provides that the object of the policy may be defined from time to time, especially as to the subjects of insurance, by additional statements or endorsements.

3.A valued policy is one which expresses on its face an agreement that the thing insured must be valued at a specified sum.

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An insurance policy is open, running, or valued, and these terms are defined as follows:
1. An open policy is one in which the value of the thing insured is not agreed upon but is
left to be ascertained in case of loss.
2. A running policy is one which contemplates successive insurances and which provides
that the object of the policy may be defined from time to time, especially as to the
subjects of insurance, by additional statements or endorsements.
3. A valued policy is one which expresses on its face an agreement that the thing insured
must be valued at a specified sum.

North Dakota § 26.1-30-03 (Policies classified - Open, running, and valued policies defined) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.