Sum Insured definition

Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

Sum Insured means the maximum amount of coverage, as specified in the Policy Schedule, that the Insured/Insured Person is entitled to in respect of each benefit and as applicable under the Policy.

Sum Insured means the maximum amount of coverage, as specified in Part I of the Schedule to this Policy, that the Insured is entitled to in respect of each benefit and as applicable under this Policy.

Examples of Sum Insured in a sentence

• Contribution is essentially the right of an insurer to call upon other insurers liable to the same insured to share the cost of an indemnity claim on a rateable proportion of Sum Insured.

• If Insured Person is aged seventy (70) years old and above at the time of loss, the maximum Sum Insured amounts under Part 2 - Benefit 1, 2 and 3 payable under this Policy will be capped at fifty percent (50%) of the Sum Insured limit specified in the Policy Schedule.

• Cumulative Bonus means any increase or addition in the Sum Insured granted by the insurer without an associated increase in premium.

• Group Personal Accident Coverage Job Band Base Coverage in INR Across Bands 3 Ti mes of Gross Salary with minimum Sum Insured of Rs.15 lacs and Maximum Sum Insured of Rs.5 Cr SOME ADDITIONAL INFORMATION ON THE SALARY OFFER BASIC, DEARNESS ALLOWANCE AND CHILD EDUCATION ALLOWANCE These are fixed monthly components of your salary and are taxable.

• In the event You or the Insured Person, as applicable, also receives reimbursement in whole or in part for such expenses from any insurance or other source(s), We will be liable only for the amount in respect of any excess of that amount payable by other insurers or recoverable from such other source(s), up to the maximum Sum Insured specified in the Policy Schedule.

More Definitions of Sum Insured

Sum Insured means the amount of sum insured stated in the Schedule.

Sum Insured means the pre-defined limit specified in the Policy Schedule. Sum Insured represents the maximum, total and cumulative liability for any and all claims made under the Policy, in respect of that Insured Person (on Individual basis) or all Insured Persons (on Floater basis) during the Policy Period.

Sum Insured means the specified amount mentioned in the Schedule to this Policy which represents the Insurer’s maximum liability for any or all claims under this policy during the currency of the Policy subject to terms and conditions as stated in the Policy.

Sum Insured means the amount stated in the Schedule, which is the maximum amount (regardless of the number of claims made ) for any one claim and in the aggregate for all claims for which the Company will make payment in relation to the Cover to which the Sum Insured relates during the Policy Period.

Sum Insured means the amount You have insured on either Your building, Your contents (including specified contents) as shown on the Schedule. This shall include the Additional Benefits and any of the Optional Benefits selected by You.

Sum Insured means the amount specified in the Schedule which is Our maximum, total and cumulative liability under this Policy for any and all claims arising under this Policy in a Policy Year in respect of the Insured Person(s).

Sum Insured means the amount stated in the Table of Benefits in the Schedule as the Total Sum Insured, or limited to the specific insurance details in any Section of this Policy.The amounts shown in the Item 9 of the Schedule are the Total Sums Insured for each Insured Person for the particular benefit shown, subject at all times to the terms and conditions of the Policy, including but not limited to the exclusions and any additional limitations noted in the wording of each Section.The Total Sum Insured is a sublimit of liability. It is part of, and not in addition to the Family Accumulation Limit stated in Item 3 (b) of the Schedule, if any. If further reduces, and does not increase, the Family Accumulation Limit stated in Item 3 (b) of the Schedule.