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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 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].
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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 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 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 process for obtaining third party indemnity in case of a breach of contract?
To obtain third party indemnity in case of a breach of contract, the party seeking indemnity must typically demonstrate that the third party has a legal obligation to provide compensation or cover losses resulting from the breach. This may involve reviewing the terms of the contract, assessing the extent of the breach, and formally requesting indemnification from the third party through legal channels if necessary.
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.
What is the purpose and significance of a simple indemnity clause in a contract?
An indemnity clause in a contract serves to protect one party from financial loss or liability that may arise from the actions or negligence of the other party. It is significant because it helps allocate risk and responsibility between the parties involved in the contract, providing clarity and protection in case of disputes or legal issues.
