Theo Abrams
Search results
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 another...
Feb 1, 2023 · Indemnity is a subset of compensation, and a contract of indemnity is a type of contract. The obligation to indemnify is a responsibility that the indemnifier willingly and voluntarily accepts. In most cases, an insurance contract is not considered an indemnity contract in India.
The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Jul 15, 2024 · In legal terms, indemnity requires a nondelivering entity to compensate the aggrieved party for losses it incurred or expects to as a result of the nonperformance. An indemnity clause can also act an as exemption from liability from damages, so the wording of the agreement is extremely important.
What Does Indemnity Mean? The word indemnity literally means security, protection or coverage against loss. What is a Contract of Indemnity?
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...
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".
protection against possible damage or loss, especially a promise of payment, or the money paid if there is such damage or loss. SMART Vocabulary: related words and phrases. Insurance. actuarial. assessor. assurance. bancassurance. broking. burial society. comprehensive insurance. health coverage. indemnification. indemnify. insurable.
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.
