James Drury
The Virginian
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The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by...
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
Feb 26, 2024 · Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Indemnity insurance is designed to...
Jul 15, 2024 · What Is Indemnity and Why Is It Important? Indemnity is an important element of contracts because it is designed to punish a party who breaches the contract. Learn about the different types of indemnity and why they're essential.
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Indemnity is protection or security against damage or loss, or compensation for damages or money spent. Insurance coverage provides indemnity to a person (or organization) by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents.
INDEMNITY meaning: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Jun 9, 2023 · Indemnity is compensation or payment for losses or damages as part of a contractual agreement or insurance policy between two parties—the insurer and the insured—in return for premium payments.
Jul 2, 2023 · The principle of indemnity states that an insurance policy shall not provide compensation to the policyholder that exceeds their economic loss. This limits the benefit to an amount that is sufficient to restore the policyholder to the same financial state they were in prior to the loss.
