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What is the difference between compensation and indemnity?

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βˆ™ 2007-07-13 05:03:56

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The concept of indemnification denotes an attempt to “make whole” which is actually almost never a real possibility due to a myriad of factors the primary of which is in sentimentally attached values, these are not real values but rather a perceived value based on emotional attachments. Compensation is an as stated. " Compensation" It is more general and usually represents an agreed amount or an amount legally acceptable or required.

2007-07-13 05:03:56
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2007-07-13 05:03:56

The concept of indemnification denotes an attempt to

2007-07-13 05:03:56
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Related Questions

What is the difference between liability and indemnity?


Which term describes the practice of paying a sum of money as compensation for loss?


Is paying compensation in expropriation and not paying compensation in confiscation is basic difference between confiscation and expropriation?

In expropriation government pays any compensation but not in confiscation.and the difference between them that Expro. is taking of private owners and pay ( adequate and effective compensation)In Confis. is like deprivation and doesn't pay any compensation .

Difference between contract of indemnity and contract of guarantee?

my ans is that guarantee is to a set of the trust of some one .

What is the difference between compensation and damages?

There's no clear difference between the two terminologies as they are often used interchangeably. Every damage caused to some one or their property requires damages or compensation from the party that caused that damage.

What is the difference between a surety bond and workers compensation?

A surety bond is a form of guarantee. Workers compensation is an insurance program. There is absolutely no relativity.

What is the difference between compensation and salary?

compensation is something given for loss or suffering. A salary is a fixed wage earned by an employee for regular work

What is the primary difference between a life and disability analyst and a life agent?

An analyst recieves compensation from his client, and the agent recieves compensation from the insurance company.

What is indeminity?

Indemnity is protection from a loss that can possibly occur. It usually relates to financial transactions and can also be money that is paid for compensation.

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 exactly is insurance indemnity?

Indemnity insurance is compensation for the beneficiaries of the policies for their actual economic losses. This is typically up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover.

Difference between extra ordinary items and exceptional items?

is compensation received an exceptional income

How does liability policy follow the principle of indemnity?

The liability coverage on your insurance policy provides compensation for a another party to whom you may be liable for loss or damages. The intent under the principle of indemnity is to make whole, or to restore the claimant / injured party through compensation as realistically as possible to the previous condition before the loss occurred.

What is the difference between damage and damages?

Damage - is the breaking of or destruction of an item Damages - is compensation recovered from damage.

What is Principle of indemnity?

The principle of indemnity is an insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. "Financial compensation sufficient to place the Insured in the same financial position at the time of a loss, as he was enjoying immediately prior to the loss"

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.

What is HR 4667?

A bill entited: Veterans' Compensation Cost-of-Living Adjustment Act of 2010, passed by both the House and Senate to increase, effective as of December 1, 2010, the rates of compensation for veterans with service-connected disabilities and the rates of dependency and indemnity compensation for the survivors of certain disabled veterans, and for other purposes.

What is the difference between professional sports and amateur sports - what do these terms mean?

A Professional Athlete simply receives compensation (Payment) for any efforts whereas an amateur cannot accept any sort of compensation.

The difference between indemnity and traditional health insurance plan?

Indemnity plans do not have to pay the hospital or doctor. Indemnity plans are designed to indemnify either the insured or the provider. That means if you have services that cost 20,000.00 dollars and you opt for the insurance company to pay you they will make the check payable to you. You can then negotiate with the provider for a better deal and keep the difference in cash. You can look at available indemnity plans through American National Health Insurance of Texas These plans are offered all over the the USA. If the plan is a good one it is more expensive then regular medical insurance. If it is a limited plan it will be very cheap compared to regular medical insurance.

What is indminity?

An indemnity is compensation given to a party to compensate for loss or injury or another contingent liability. This is often done as protection against legal action from the party suffering the loss.

The difference between indemnity and non-indemnity insurance in insurance law?

When indemnity (often called short-term) insurance contracts are concluded the insured is entitled to recover the actual commercial value of what he has lost through the happening of the insured event, be such event damage to property, fire, theft, public liability or marine insurance. In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured. Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance. Rgds

Are there any interlocks between members of the Compensation Committee?

There should not be any interlocks between members of the Compensation Committee and the company.

What is the difference between actual and theoretical compensation payouts?

Actual compensation will always be less than theoretical payouts. For example, it the posted payout is 50%, the actual payout will be somewhere closer to half of that amount, or 25% actual payout.

What does compensation mean in math?

Compensation in math means, adding and subtracting the same number to make the sum or difference easier to find.

In math what does compensation mean?

Compensation in math means, adding and subtracting the same number to make the sum or difference easier to find.