The maximum amount of liability of the Insurer under an insurance policy. The premium rate is applied to the sum insured to determine the policy premium.
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Modified Life Policy
An Ordinary Life contract under which the premiums are modified so as to be lower than normal for the first three to five years, and higher than normal after that. A special case is a level Term policy, under which no part of the premium goes towards savings, that is automatically converted to a Whole Life policy at a designated time.