Question

why is life insurance not a contract of indemnity??

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Answer 1

A life insurance contract does not resemble a contract of indemnity because the insurer does not undertake to indemnify the assured for any loss on maturity or death of the assured but promises to pay sum assured in that event. ... Life insurance is adopted as a means of saving; the idea of indemnity is foreign to it.

Answer 2

According to indemnity, the insurer undertakes to put the insured, in the event of loss, in the same position that is occupied immediately before the happening of the event insured against.

Life insurance is not a contract of indemnity .the life of a human being cannot be compensated and only specific sum of amount is paid .