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Letter S
Sum assured
The amount payable under an insurance policy. In the case of a life
assurance this would be the amount payable on death. Under a general insurance
policy it is the maximum amount that can be paid out in the event of a claim.
The sum assured under a general policy must be adequate to represent the full
value of goods at risk. If an insurer feels that a policyholder has not declared
the full value of goods at risk and a claim occurs, the insurer may reduce the
claim by a proportion of the under insured amount.
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