California · Insurance Code
INS §411: An open policy is one in which the value of the subject matter is not agreed upon, but is left to be ascertained in case of loss.
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What this law says, in plain English
An open policy is an insurance contract where the value of the insured item is not set in advance but determined if a loss occurs.
Read the full statutory text
An open policy is one in which the value of the subject matter is not agreed upon, but is left to be ascertained in case of loss.
Verify at the official source: California legislative text
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