In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as _________

Solution (By Examveda Team)

In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as Face Amount. Also called the Coverage Amount, Face Amount or Sum Insured. A contract that pays a fixed sum of money at regular intervals, usually for life. A contract that pays an income for a set number of years, and will pay the annuitant's beneficiary or estate if the annuitant dies before the end of the payment term.