Question

The party which indemnifies to compensate the other party of such potential loss is termed as _________

a) Insurer

b) Premium

c) Consideration

d) Insured

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Answer 1

Answer:

premium

Explanation:

Indemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums.

Answer 2

Answer:

Consideration is the answer

Explanation:

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