From Longman Dictionary of Contemporary Englishthe sum assuredthe sum assuredformal the amount of insurance money to be paid out when someone dies → assure
Examples from the Corpus
the sum assured• If you are aged over 55, Family Assurance Society will reduce the sum assured by £20 for each year above 55.• If you can not complete the declaration without qualification, the sum assured may also have to be reduced under your Bond. 