Indemnity means a guarantee or an assurance to put the insured in the same position in which he was immediately prior to the happening of the contingency insured. That means the insurer undertakes to ______.
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If indeminity is immediately prior to the happening of the contingency insured, this means the insurer undertakes to pay the actual loss.
- Indemnity is a concept in the insurance policy which aims to provide assurance or guarantee to place the insured individual in the same monetary position in which he was immediately before the uncertain event occurred.
- The policy can be made equal to loss when the subject matter is taken into maximum value insurance.
- Average clause is applied in situations under insurance, where the premium owed is less than the actual loss.
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Answer:
Make good the loss
Explanation:
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