Insurance amount (coverage) – the amount of money within which the insurance company, in accordance with the terms and conditions of insurance, is obliged to make a payment in case of an insured event. The insurance amount is established by agreement of the parties when concluding the contract. Insurance payment – the funds that are a payment for insurance and are paid by the policyholder within the deadlines specified in the insurance contract. The amount of the insurance fee is calculated on the basis of the insurance rate and the insurance amount.