Contract of indemnity - A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a 'contract of indemÂnity'. - - Illustration - A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity. [section 124].
the contract of indemnity aims at compensating the other person , the loss caused to him by the conduct of the promiser himself or by the conduct of the third party.
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all types of insurance is not a contract of indemnity because life insurance cannot b measured in terms of money , that is why it is not a contract of indemnity
is fire insurance or medi claim (health ins) or motor insurance or life insurance which of them is a contract of indemnity
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
Most insurance contracts are indemnity contracts. Indemnity contracts apply to insurances where the loss suffered can be measured in terms of money.
Insurance contract with an insurance company Indemnity bond
None. Your auto insurance policy is a contract of indemnity. Not a contract of profit.
I cannot understand you question! It doesn't make sense.
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
Yes, An insurance policy is a legal contract of indemnity. Amendments and endorsements are changes that become a part of that contract.
It depends on whether it is worded into the contract with the insurance company supplying the indemnification bond.
Getting out of contract can be made by executing or exhausting the object of the contract or using applicable contract provisions that can get you out of contract.
An insurance policy is a contract of Indemnity. It is a means of transferring risk of financial loss and or financial liability to another party, Namely the insurance company.