nonvalued form

  • A contract of insurance on the insured’s property that does not guarantee to pay any specified sum in the event of loss, but only the actual value of the insured property at the time of the loss or a proportion thereof, with or without a maximum limit of liability. Examples are "stated amount" and "actual value."

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).