sum assured


sum assured
sum assured UK US noun [C] (plural sums assured) INSURANCE
a minimum amount that someone you have named in an insurance document will receive when you die: »

In the event of your death, your dependents will receive the sum assured attached to the policy.


Financial and business terms. 2012.

Look at other dictionaries:

  • assured — ▪ I. assured as‧sured 1 [əˈʆʊəd ǁ əˈʆʊrd] noun the ( life) assured INSURANCE the person or organization that will receive the money from an assurance agreement, or the person whose life is covered by the agreement; = the insured AmE: • A policy… …   Financial and business terms

  • Assured — Assure As*sure, v. t. [imp. & p. p. {Assured}; p. pr. & vb. n. {Assuring}.] [OF. ase[ u]rer, F. assurer, LL. assecurare; L. ad + securus secure, sure, certain. See {Secure}, {Sure}, and cf. {Insure}.] 1. To make sure or certain; to render… …   The Collaborative International Dictionary of English

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  • With-profits policy — A with profits policy (Commonwealth) or participating policy (U.S.) is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its… …   Wikipedia

  • Endowment policy — An endowment policy is a life insurance contract designed to pay a lump sum after a specified term (on its maturity ) or on earlier death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out… …   Wikipedia

  • Chit fund — A Chit fund is a kind of savings scheme practiced in India. A Chit fund company means a company managing, conducting or supervising, as foremen, agent or in any other capacity, chits as defined in Section 2 of the Chit Funds Act, 1982. According… …   Wikipedia

  • assure — as|sure W3S2 [əˈʃuə US əˈʃur] v [T] [Date: 1300 1400; : Old French; Origin: assurer, from Medieval Latin assecurare, from Latin ad to + securus safe ] 1.) to tell someone that something will definitely happen or is definitely true so that they… …   Dictionary of contemporary English

  • Zillmerisation — relates to the valuation of a Life insurer by an actuary.When new business is written, the value of the company may reduce (when viewed on a regulatory basis) even if the business is likely to be profitable. This is known as New Business Strain.… …   Wikipedia

  • Critical illness insurance — or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy. The policy may also… …   Wikipedia

  • decreasing term assurance — A form of term assurance in which the amount to be paid in the event of the death of the life assured reduces with the passage of time. These policies are usually arranged in conjunction with a cash loan or mortgage and are designed to repay the… …   Big dictionary of business and management