Insurance generally involves terms such as insurance money, insured amount, and premium, and it is necessary to clarify the meaning of each. The insurance money is the amount paid by the insurer to the insured or the beneficiary in accordance with the provisions of the insurance contractor the amount of compensation for material damage when an insured event occurs. The insured amount, also known as the "insured amount", refers to the maximum amount of the insurance company's liability for compensation or payment of insurance money under an insurance contract, that is, the actual insured amount of the insured person for the subject matter of the insuranceAt the same time, it is also the basis for the calculation of insurance premiums charged by insurance companies. Insurance premium refers to the amount paid to the insurer when the insured participates in the insurance according to the insurance rate set at the time of insurance. The insurer is required to pay insurance benefits when all or part of the insured property is damaged by disasters and accidents, or when personal accidents occur in life insurance. The premium is made up of the amount insured, the premium rate, and the duration of the insurance.
The English word for insurance money can be expressed as insurance benefit, insurance money and insurance proceeds.
Example sentence 1: Original:
when an individual or business purchases insurance, they are protecting themselves against any adverse situation that could result in a financial loss. the insured pays premiums to an insurance company for this service and as part of the arrangement, the insurance company is liable to payout proceeds against verified claims that the insured files. insurance proceeds are the monies an insurance company pays to cover any financial loss.
Translation: Individuals or businesses buy insurance to protect themselves from any adverse circumstances that could lead to financial losses. The insured pays a premium to the insurance company for this service, and as part of the arrangement, the insurance company is liable to pay the premium based on the verified claim made by the insured. An insurance premium is a payment made by an insurance company to cover any financial losses incurred.
Example sentence 2: Original text:
conduct a free search with the national association of unclaimed property administrators (naupa): naupa has a free tool to locate lost or unclaimed insurance money and other property. select your state, and you can see if there's a record of any insurance benefits or money owed to you.
Translation: Free Search at the National Association for the Management of Unclaimed Property (NAUPA): Use NAUPA's free tools to find lost or unclaimed insurance money and other property. Select your state to see if there are any records showing any insurance or other payments that weren't paid to you.
Example sentence 3: Original text:
if you h**e a family, a business, or others who depend on you, the life insurance benefit of a whole life policy acts as a financial safety net. when you die, your beneficiaries will receive a lump-sum payment that is guaranteed to be paid in full (provided all premiums are paid and there are no outstanding loans). it’s essential protection that you can count on to be there for your loved ones when needed.
If you have a family, business, or someone else who depends on you for your livelihood, whole life insurance benefits are your financial security. When you pass away, your beneficiary will receive a lump sum payment that is guaranteed to be paid in full (provided that all premiums have been paid and there are no outstanding loans). When necessary, you can rely on your loved ones to provide vital protection.
The amount of insurance can be expressed in English as sum insured assured, amount insured covered, and insurance amount.
Example sentence 1: Original:
sum insured is the amount of money that an insurance company is obligated to cover in the event of a covered loss. this term is commonly associated with homeowner's or property insurance but can also apply to other types of insurance.
the sum insured correlates directly to the amount of premium you pay, but not always to the property's actual value or asset insured. if the sum insured is less than the replacement value or required amount to rebuild, it is often referred to as underinsurance.
Translation: The sum insured is the amount that an insurance company is obligated to pay in the event of a covered loss. The term is often associated with homeowners insurance or contents insurance, but it can also be applied to other types of insurance.
The amount of coverage is directly related to the premiums you pay, but it is not always related to the actual value of the insured property or the insured assets. If the sum insured is less than the replacement value or the amount required for reconstruction, it is often referred to as underinsurance.
Example sentence 2: c) requiring ships with a gross tonnage of more than 1,000 to carry a certificate attesting that there is in force in respect of the ship a contract of security satisfying the insurance requirements including the amount insured;
c) Require ships of more than 1,000 gross tonnage to hold a certificate certifying that the ship has a valid guarantee contract that complies with the relevant insurance requirements (including the sum insured);
Example sentence 3: e) empowering the director of marine or an institution authorized by him to issue certificates to shipowners attesting that there is in force a contract of insurance or other security satisfying the requirement on the insurance amount and other relevant requirements of the bunker oil convention;
e) empowers the Director of Marine or his authorised body to issue a certificate to shipowners certifying that his vessel has a valid insurance or other guarantee contract complying with the sum insured and other relevant requirements under the Bunker Convention;
The English word for premium can be expressed as "insurance" premium.
Example sentences: 1) The authority may require an authorized insurer to take all such steps as are requisite to secure that the aggregate of the premiums—(amended 12 of 2015 s.). 2)
a) to be received by the insurer in consideration of the undertaking by it during a specified period of liabilities in the course of carrying on general business or any specified part of such business; or
b) to be received by it in a specified period in consideration of the undertaking by the insurer during that period of liabilities in the course of carrying on long term business or any specified part of such business,shall not exceed a specified amount.
1) The IA may require any authorized insurer to take all necessary steps to achieve that the aggregate of the following premiums does not exceed a specified amount – (Amended 12 of 2015 s. 2).
a) the sum of the premiums received by the insurer in the course of carrying on its general business, or any specified part of it, at the cost of incurring legal liabilities for a specified period;Or.
b) the sum of the premiums received by the insurer in the course of carrying on a long term business or any specified part of it at the cost of incurring legal liabilities during that specified period.
Encyclopedia;investopedia；
insuranceopedia；
www.legco.gov.hk；
*: Translation.