What does insurance amount mean? Explanation of insurance amount

1. The insurance amount refers to the maximum limit of the insurer’s liability for compensation or payment of insurance benefits.

2. In different insurance contracts, the methods and principles for determining the insurance amount are different:

3. In property insurance contracts, the valuation and determination of the insurance value directly affects the insurance amount. size. The insured value is equal to the insured amount and is full insurance. If the insured amount is lower than the insured value, the insurance company will compensate according to the ratio of the insured amount to the insured value. An insurance amount that exceeds the insured value is excess insurance. An insurance amount that exceeds the insured value is invalid. Malicious excess insurance is a fraudulent act and may invalidate the insurance contract.

4. In a personal insurance contract, the value of a person cannot be measured. The insurance amount is the maximum payment limit or the actual amount of payment borne by the insurer as agreed upon by both parties in the personal insurance contract.

5. According to the "Regulations on Travel Agency Liability Insurance for Travel Agencies", the insurance amount of liability insurance issued by travel agencies shall not be less than the following standards;

6. The limit of liability compensation per person for domestic tourism is RMB 80,000 yuan; the limit of liability compensation per person for inbound and outbound tourism is RMB 160,000.