Sum assured is the amount you are insured for. In case of insurance for inanimate objects, the sum assured is what you will get and reduces as goods age or their depreciated value changes. In case of life insurance, there is a portion of fund value or bonus payouts depending on the type of policy you own which is paid out in addition to the sun assured. Insurance cover and sum assured is the same thing.
by MoneyPuzzle Admin · April 17, 2019
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