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What does sum insured mean in insurance?

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What does sum insured mean in insurance?

My question is based upon Insurance subject

The question was posed to me in a mock interview.

Other related questions to my question are:

What is sum insured?

What is sum insured and premium?

How do you calculate sum insured?

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Correct answer is: sum insured in Insurance The sum insured is the insurer's limit of liability under an insurance contract. With an increasing term contract, the sum insured increases each year by a fixed percentage.

The title of my answer is Sum insured definition and meaning | Collins English Dictionary

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