Define the Principle of Indemnity.
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Indemnity means security or compensation against loss or damage.
The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss.
The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss.
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Hey mate, here is your answer -:)
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It refers to the insured can get only the compensation against actual loss and he cannot make profit out of insurance.
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HOPE it helps to you!!!
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It refers to the insured can get only the compensation against actual loss and he cannot make profit out of insurance.
________________________
HOPE it helps to you!!!
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