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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 indem­nity'. - - 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].

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14y ago
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10y ago

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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11y ago

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Q: What is the object of contract of indemnity?
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How far contract of insurance are contract of indemnity?

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


Why Life insurance contract 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


What difference between indemnity and contract and contract of guarantee?

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.


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.


What type of contract do you need to get money for your damaged property?

Insurance contract with an insurance company Indemnity bond


What insurance company offers an upgrade in your car in case of accident?

None. Your auto insurance policy is a contract of indemnity. Not a contract of profit.


Is The principal of indemnity applies to contract of sales?

I cannot understand you question! It doesn't make sense.


What is the difference between contract of indemnity and guarantee?

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.


Is an amendment in a car insurance policy legally binding?

Yes, An insurance policy is a legal contract of indemnity. Amendments and endorsements are changes that become a part of that contract.


Does Trustees Indemnity cover criminal charges?

It depends on whether it is worded into the contract with the insurance company supplying the indemnification bond.


How do you get out of contract?

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.


What is the purpose of insurance?

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.