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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 else can I help you with?
How do you use the word indemnity in a sentence?
The company paid an indemnity to the city for the street damage done by its trucks. The indemnity policy protected the bank's directors from any personal liability.
What are the factors that cause variation in the principle of indemnity?
The principle of indemnity can vary due to several factors, including the type of insurance policy, the nature of the insured risk, and the legal jurisdiction governing the contract. Additionally, the method of valuation—such as actual cash value versus replacement cost—can influence indemnity amounts. Other factors include the presence of deductibles, policy limits, and any specific clauses that may alter compensation. Lastly, the insured's behavior and previous claims history can also affect the application of indemnity.
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.
Can you have two general liability policies?
yes you can have as many policies as you like but no use. the insurance works on the principle of Indemnity. so in case if you have two insurance policy,you will have to declare to both the insurer, if you don't than it would be a insurance fraud. and if claim arise then both insurer will pay the claim in proportion of the premium they charged.
Explain homeowners personal liability?
A personal liability, or umbrella, policy pays liability limits above those you can get on your homeowners or other basic liability policy. If you are thinking of buying a personal liability policy, begin by finding out the maximum amount of personal liability your homeowners policy provides. Make sure you coordinate the liability limits so that the umbrella policy covers any liability claim in excess of the amount your basic policy will pay, up to the maximum limits of the policy.
Which of these terms refers to an insurance policy that pays out double?
Double indemnity
How do you use the term Double Indemnity in a sentence?
My life insurance policy has double indemnity and will pay my heirs twice the benefit value if I am killed in an accident.
Does Liberty life have double indemnity policies?
Yes, Liberty Life does offer double indemnity policies. Double Indemnity is a clause or provision in a life insurance or accident policy to help protect people and the company.
Can an individual have two insurance policies on the same car?
Double CoverageYes, It is not uncommon to have more than one auto insurance policy on the same vehicle. There are legitimate reasons why more than one policy might exist for the same vehicle. Under the principle of Indemnity and the color of Law. Should a loss occur, the applicable policy with the broadest scope of coverage would automatically be treated as the primary insurance policy. Coverage from the secondary policy would only invoke should the policy limits of the primary be exhausted.Bare in mind that to seek double indemnity would constitute a felony insurance fraud.Happy Motoring
Components to liability coverage under an auto policy?
Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Liability Coverage under an auto policy has what components:
Is A property or liability insurance policy a business or liability contract?
A property is not a contract or a business. A liability insurance policy is a kind of contract but not a business. the answer is b...
Are defense expenses paid in a contractors professional liability policy?
A Professional liability insurance Policy, as well as a contractors General Liability Insurance policy will provide coverage for the cost of legal defense.
