what is principle of indaminity
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Explanation:
The indemnity principle means that the policy payout should restore the insured to the same financial position in which he was before the loss happened. Since the value of human life cannot be ascertained, the principle of indemnity does not apply as it is not possible to quantify the loss.
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Answer:
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.
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