Sum Assured
DEFINITION
Sum assured is the amount of insurance coverage that has been bought. It is the amount the policy pays to the customer when a valid claim is made.
ELI5
It is the promised amount of money your insurance will pay if the covered event happens and the claim is approved.
Other related terms
Mortgage Servicing Ratio (MSR)
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Ponzi Scheme
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Reversionary Bonus
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Lapse
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