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Category: Determining the Sum Insured for Property Insurance

It is vital to understand the operation of an insurance contract in order to look into the aspect of determining the sum insured under the policy. A contract of insurance is defined as “a contract whereby one party, called the Insurer, in consideration of premium paid by another party, called the Insured, agrees to indemnify the latter in the event of loss of or damage to the subject matter of insurance due to any of the insured perils as per the terms and conditions of the policy”.

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Determining the Sum Insured for Property Insurance

It is vital to understand the operation of an insurance contract in order to look into the aspect of determining the sum insured under the policy. A contract of insurance is defined as “a contract whereby one party, called the Insurer, in consideration of premium paid by another party, called the Insured, agrees to indemnify […]

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