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Definitions from the Web

Sum Assured

Noun

The sum assured is the amount of money that an insurance company agrees to pay to the policyholder in case of an insured event, such as death or accident.

Sample sentence: The sum assured for the life insurance policy is $500,000.

Verb

When used as a verb, sum assured means the act of determining or calculating the amount of coverage offered by an insurance policy.

Sample sentence: The insurance agent needs to sum assured this policy to provide an accurate quote.

Related Products:

• Life Insurance
• Insurance Policies
• Accident Insurance