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1 definition found
 for Open policy
From The Collaborative International Dictionary of English v.0.48 :

  Policy \Pol"i*cy\, n. [F. police; cf. Pr. polissia, Sp.
     p['o]lizia, It. p['o]lizza; of uncertain origin; cf. L.
     pollex thumb (as being used in pressing the seal), in LL.
     also, seal; or cf. LL. politicum, poleticum, polecticum, L.
     polyptychum, account book, register, fr. Gr. ? having many
     folds or leaves; ? many + ? fold, leaf, from ? to fold; or
     cf. LL. apodixa a receipt.]
     1. A ticket or warrant for money in the public funds.
        [1913 Webster]
  
     2. The writing or instrument in which a contract of insurance
        is embodied; an instrument in writing containing the terms
        and conditions on which one party engages to indemnify
        another against loss arising from certain hazards, perils,
        or risks to which his person or property may be exposed.
        See Insurance.
        [1913 Webster]
  
     3. A method of gambling by betting as to what numbers will be
        drawn in a lottery; as, to play policy.
        [1913 Webster]
  
     Interest policy, a policy that shows by its form that the
        assured has a real, substantial interest in the matter
        insured.
  
     Open policy, one in which the value of the goods or
        property insured is not mentioned.
  
     Policy book, a book to contain a record of insurance
        policies.
  
     Policy holder, one to whom an insurance policy has been
        granted.
  
     Policy shop, a gambling place where one may bet on the
        numbers which will be drawn in lotteries.
  
     Valued policy, one in which the value of the goods,
        property, or interest insured is specified.
  
     Wager policy, a policy that shows on the face of it that
        the contract it embodies is a pretended insurance, founded
        on an ideal risk, where the insured has no interest in
        anything insured.
        [1913 Webster]

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