Sum assured vs sum insured

Question

Accepted Answer

Sum assured refers to life insurance policies while sum insured refers to general insurance policies.

Sum assured is the amount of money that an insurance policy guarantees to pay out upon the death of the insured person.
Sum insured is the maximum amount that an insurance company will pay out in the event of a claim.
Sum assured is typically used in life insurance policies while sum insured is used in general insurance policies such as health, home, and auto insurance.
For example, if a person has a life insurance policy with a sum assured of $500,000, their beneficiaries will receive that amount upon their death.
On the other hand, if a person has a car insurance policy with a sum insured of $50,000, the insurance company will pay out up to that amount in the event of a claim.

Accepted Answer

Sum assured is getting by maturity of the policy and sum insured is deth cover

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