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Indemnity in insurance means the exact financial compensation. This can be provided by: 1. Cash payment 2. Repair 3. Replacement 4. Reinstatement For more information email to: KAEY.VEE@GMAIL.COM
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What are the different methods of providing indemnity?
Indemnity in insurance means the exact financial compensation. This can be provided by: 1. Cash payment 2. Repair 3. Replacement 4. Reinstatement For more information email to: KAEY.VEE@GMAIL.COM
What type of insurance cover is a professional indemnity?
The professional indemnity insurance covers businesses and individuals who specialize in providing services. Professional indemnity insurance helps those who are accused of negligence or malpractice.
What are the implications of indemnity and non-indemnity?
Indemnity refers to a contractual obligation where one party agrees to compensate another for certain damages or losses, providing a level of financial protection and risk management. This can promote security and trust in business transactions, as parties can engage with reduced fear of financial loss. In contrast, non-indemnity arrangements may leave parties vulnerable to unforeseen liabilities, potentially leading to disputes or financial instability. The choice between indemnity and non-indemnity can significantly affect the level of risk each party is willing to assume and their overall business strategy.
What is the difference between indemnity and breach of contract in terms of legal liabilities and obligations?
Indemnity refers to the obligation to compensate for losses or damages, while breach of contract occurs when one party fails to fulfill their obligations as outlined in a contract. In terms of legal liabilities, indemnity involves providing financial protection, while breach of contract can result in legal consequences such as being sued for damages.
What is the difference between indemnity and indemnify, and how do they relate to each other in terms of providing protection against potential losses or damages?
Indemnity is a noun that refers to protection or security against potential losses or damages. Indemnify is a verb that means to compensate or secure someone against potential losses or damages. In essence, indemnity provides the concept of protection, while indemnify is the action taken to provide that protection.
Are life insurance indemnity contracts?
contact of insurance is an example of indemnity contracts
When was Dumbbell Indemnity created?
Dumbbell Indemnity was created on 1998-03-01.
Where indemnity go on a trial balance?
Indemnity always goes to the credit side.
Is life insurance a contract of indemnity?
Most insurance contracts are indemnity contracts. Indemnity contracts apply to insurances where the loss suffered can be measured in terms of money.
Indemnity in a sentence?
As a result of Bob's indemnity to the bank, he was left with only six dollars.
Subrogation and contribution as a corollaries of the principles of indemnity?
The principle of indemnity is one of the most important rules in insurance. The principle of subrogation and indemnity protects someone from multiple claims.
What is the journal entry for indemnity payment received?
debit cash / bankcredit indemnity income etc
