Insurance Policy Indemnity Definition
An insurance policy that indemnifies the policyholder for losses that are found during the policy period regardless of when the loss actually occurred.
Insurance policy indemnity definition. Definition what does indemnity mean. It generally requires the insured to prove the amount of its loss before it can recover. The person or organization that holds another the. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement which generally protects against liability loss or damage.
When advice is your livelihood the right professional indemnity cover can offer peace of mind security and most importantly protect your valuable reputation. So instead of trying to fix the problem you simply take out indemnity insurance to protect you against an expensive bill in the future. An indemnity insurance policy covers a legal defect with the property that either can t be resolved or would be very costly and or time consuming to do so. Recompense for loss damage or injuries.
Professional indemnity insurance definition. Indemnity definition indemnity compensation to a party for a loss or damage that has already occurred or to guarantee through a contractual clause to repay another party for loss or damage that might occur in the future. 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. Advantages of indemnity health insurance plans.
Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party. An insurance policy is an indemnity contract. Professional indemnity insurance enables you to pursue legal avenues to clear your name and defend your reputation with the backing of a legal and insurance team. The indemnity health policy is different than policies offered by health maintenance organizations hmos and preferred provider organizations ppos because it allows you obtain medical care where you choose providing compensation for a set portion of the costs.
Professional indemnity insurance is an important type of business insurance especially for businesses that give advice or provide a professional service to clients it can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss. Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses up to the limiting amount of the insurance policy. Most commonly it is an insurance.
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