Jargon Buster - Sum Assured and Sum Insured
These two terms, though they seem to mean almost the same thing, are vastly different in an insurance policy. The sum assured to a policyholder is the benefit that is pre-defined and to be paid to the policyholder in the event of a claim. Relevant to life insurance policies, the sum assured is decided while purchasing the insurance policy. The policy terminates once the assured sum has been pai...
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