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Which statement best explains Sum assured?

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Question ID #26070 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Insurance Sectional Test 2026 Medium

Which statement best explains Sum assured?

Correct Answer: A. Pre-agreed amount payable under specified life-insurance conditions
Sum assured: Pre-agreed amount payable under specified life-insurance conditions

Question: Which statement best explains Sum assured?

A. Pre-agreed amount payable under specified life-insurance conditions

B. Insurance purchased by an insurer to transfer part of its own risk

C. Person or entity that owns an insurance policy

D. Principle of restoring insured to approximately the financial position before loss, subject to policy terms

Correct Answer: A. Pre-agreed amount payable under specified life-insurance conditionsSum assured: Pre-agreed amount payable under specified life-insurance conditions

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Which statement best explains Sum assured? - MCQ Explanation

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Correct answer: A. Pre-agreed amount payable under specified life-insurance conditions