UK: The amount specified as the maximum amount that the insurer will pay under the policy. The limit is normally set by the insured and should set the full value at risk or, in some household policies, the full value of replacement, otherwise average may apply. The sum insured is normally used as the basis for calculating the premium.
***
UK: the sum expressed in a policy as the amount payable on the occurrence of the contingency insured against, or as the maximum amount of the insurer’s liability under a contract of indemnity.
***
This is the sum expressed in a policy as the amount payable on the occurrence of the event insured against in the case of a benefit policy, or as the maximum of the insurer’s liability under a contract of indemnity.