face amount

1. Banking: (1) Amount written on a check the sum its payee is entitled to draw. (2) Principal sum advanced under a loan or mortgage agreement.

2. Insurance: Sum of money for which an insurance cover is obtained, usually shown on the top sheet (face) of the policy. In life insurance, face amount is the sum paid on the policy's maturity date, on the death of the insured, or (if the policy terms permit) on his or her total disability.