What is Amount payable by insurance company for insurance?

The amount payable by an insurance company for insurance depends on several factors, including:

1. Policy Type: Different types of insurance policies have different coverage limits and payout structures.

- Life insurance: The death benefit is the amount paid to the beneficiary upon the insured's death.

- Health insurance: The policy may cover a percentage of eligible medical expenses, or provide a fixed amount for specific services.

- Property insurance: The coverage limit represents the maximum amount the insurance company will pay for damages or losses to the insured property.

2. Coverage Limits: The coverage limit specified in the insurance policy sets the maximum amount that the insurance company is liable to pay for a covered event.

3. Deductible: The deductible is the amount that the policyholder must pay out of pocket before the insurance coverage kicks in. Higher deductibles typically result in lower insurance premiums.

4. Premium Payments: The premium is the amount paid by the policyholder to the insurance company for coverage. Premiums can be paid monthly, quarterly, or annually.

5. Policy Terms and Conditions: The insurance policy document outlines the specific terms, conditions, and exclusions that govern the insurance coverage. These factors determine when and how much the insurance company will pay out.

To determine the exact amount payable by an insurance company for insurance, it is essential to review the specific insurance policy, coverage details, and any applicable endorsements or riders. If there are any questions or uncertainties, it is advisable to contact the insurance company or an insurance agent for clarification.