Theo Abrams
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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.
May 22, 2017 · The Phrase Indemnity means “Security against loss or damages”. Section 124 of the Indian Contract Act’1872 defines Contract of Indemnity as a contract by which one party guarantees to save the other person from loss caused to him by the action of the guarantor himself, or by the action of any other person.
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...
A contract of indemnity is a risk shifter where the risks of incurring loses are shifted from the promisee to the promisor. Indemnity can be compared to a pendulum, where the bobs when set in motion comes back to an original place. Thus, indemnity is the force behind a promiser restoring the position of promisee back to his/her original state.
Indemnity is a kind of compensation that protects you from any potential losses. In it's broadest sense, it refers to the payment of money to a person who has lost money, goods or other property due to the error of third party. This concept of Indemnity is also incorporated in English law. Meaning of Indemnity:
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
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...
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.
noun. /ɪnˈdemnəti/ (plural indemnities) (formal or law) [uncountable] indemnity (against something) protection against damage or loss, especially in the form of a promise to pay for any damage or loss that happens. an indemnity clause/fund/policy. indemnity insurance. Definitions on the go.
