the cash benefit guaranteed by a life assurance policy; may be added to by the allocation of reversionary bonuses.

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.
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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.
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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.

Proceedings relating to criminal offences tried summarily by magistrates. Employers’ liability and certain other liability policies pay for the solicitor’s fee for representing the insured in a court of summary jurisdictions, provided the circumstances of an injury or event relate within the scope of the policy.

The total face value of life policies currently in force.

This means the vessel must be fully submerged.

Weather derivative based on the number of hours sunshine recorded in a given location over a specified period. Holiday resort businesses receive a payout when the recorded hours of sunshine are below the reference point and exceed the strike. See PLUVIUS POLICY.

the FSA’s Supervision manual

A credit insurance term to describe an insurance against loss due to the insolvency of a supplier.
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Credit insurance cover against consequential loss arising from the insolvency of a supplier.

Business interruption policy that protects the insured against loss of gross profit following damage by an insured peril at the premises of a supplier, named or unnamed. Cover is expressed as a percentage of the gross profit to reflect the significance of the supplier(s).