open policy

noun

, Insurance.

1. a continuous policy covering goods of a class subject to changes in volume, usually requiring periodic reports of values.

open policy

noun

1. an insurance policy in which the amount payable in the event of a claim is settled after the loss or damage has occurred Compare valued policy

Word History and Origins

Origin of open policy¹

First recorded in 1875–80

Example Sentences

But the open policy was then curtailed again when border controls tightened significantly following 9/11.

From The Daily Beast

I'm telling you because I was sure you'd find out soon what's going on, and because I thought an open policy best.

From Project Gutenberg

Given a suitable open policy, that minority may become a majority at any time.

From Project Gutenberg

We must receive the principal part of the Malays in a friendly way, and it is only by a more open policy that this can be done.

From Project Gutenberg