Sum Insured

The sum insured is the highest amount which an insurance provider will pay out as a benefit. The term “maximum coverage” is also used.

Insurers only cover the cost of losses resulting from perils defined in your insurance policy and the terms and conditions attached to it.

The sum insured can even impact the benefits you receive when you make claims which are much lower than the sum insured. This is the case in underinsurance, where benefits may be cut in proportion to underinsurance levels.

Example: A household insurance policy has a 70,000-franc sum insured. The value of the household should not exceed this sum insured. If it did, the household would be an underinsured.

In life insurance, the sum insured is the amount which the insurance company will pay out in the case of a covered loss.

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