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.