If the total amount of the sum insured by double insurance exceeds the insured value the total amount of indemnity paid by all insurers concerned shall not exceed the insured value .

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Unless otherwise specified in the contract in the event that the sum insured is less than the insured value the insurer shall undertake the obligation for indemnity pro rata of the sum insured to the insured value .

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The insurer shall reimburse the expenses incurred by the purchaser or assured for fulfilling his duty subject to the preceding paragraph even though the total sum of the said reimbursement and the indemnity of the insurance exceed the value of the subject matter insured .

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If the sound market value of the damaged property is lower than the sum insured of such property the claim shall be settled on its market value ;

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The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation .

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Awareness of insurance firms are more weak insurance rates and a lower sum insured .

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Only if the sum saved is fixed and insured by means of mortgage debt or deduction of salary most of them can balance their income and expenses .

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The insurer may deduct a corresponding sum from the amount of indemnity if it is not able to exercise the right of indemnity by subrogation due to the fault of the insured .

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The sum they give will not usually be as much as the full insured value of the goods or property .

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The writer built three models a complete information dynamic model of Sum Insured Reinsurance and two models of Loss Reinsurance Sum Insured Reinsurance respectively in complete and uncompleted information .

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Impacts of Decreasing Sum Insured and Premium Rate on Property Insurance

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Where the ship has been repaired the assured is entitled to the reasonable cost of the repairs less the customary deductions but not exceeding the sum insured in respect of any one casualty ;

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