the sum assured is the value of the?

Assessment: WAEC SSCE - Insurance - 2016 (Objective) Subject: Insurance

Question 1 Report

the sum assured is the value of the?

Answer Details
The sum assured is the value of the claim that the insurer agrees to pay to the policyholder in case of a covered loss or event. It is the maximum amount of money that an insurance company agrees to pay out to the policyholder or the beneficiary of the policy. The sum assured is specified in the insurance policy and is determined by the policyholder's needs and the type of insurance coverage they have purchased.

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