Question

Explain principle of indemnity ​

Answer 1

Explanation:

The Principle of Indemnity

Indemnity is a guarantee to restore the insured to the position he or she was in before the uncertain incident that caused a loss for the insured. ... The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.

Answer 2

Explanation:

the principal of indemnity stands for compensating the insured for loss suffered by him against the risk insured. the principal of indemnity is not applicable in case of life insurance