If you’ve heard of the term indemnity, you may be wondering, “what is indemnity insurance?” Indemnity is an agreement between two parties in which one party is responsible for compensating another for ...
In the field of insurance, the principle of indemnity is to restore the insured to the same financial condition as before a loss. With workers' comp, indemnity describes payments made to an injured or ...
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...
According to Black's Law Dictionary, indemnity is "a duty to make good any loss, damage, or liability incurred by another." It's possible to limit the scope of that duty during contract negotiations.
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Indemnity in insurance: What does it mean? How it works, and why it matters – explained
In everyday language, Indemnity is equivalent to money paid to cover actual damage caused by accidents, theft, legal claims, professional mistakes or other covered events.
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