Indemnity: Primary obligation where one contractual party agrees to compensate another for specific losses or damages, often without regard to fault. It directly addresses the risk of loss and provides a straightforward path to financial recovery when a trigger event occurs.
What is the objective of indemnity?
Indemnity Holder is also known as a promise or indemnified. The objective of entering into a contract of indemnity is to protect the promisee against unanticipated losses.
What is the indemnity for bodily injury?
In its widest sense, indemnity means protection against, or compensation for, a loss or liability.
What is the reason for indemnity?
Professional indemnity cover will provide protection against an accidental lapse in judgement resulting in a defamation or libel claim. For example, an employee sharing information on social media about a client which could be perceived as negative or slanderous.
What is the purpose of an indemnity?
In turn, this indemnity agreement serves to make it possible for the injured person to pay for medical expenses (treatment, consultation with specialists, drugs, etc.); property damage (house, buildings, etc.); and also to compensate for the wages he or she will not be able to receive due to the fact that he or she
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indemnify | Wex | US Law | LII / Legal Information Institute
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a
To modify a claimants benefits the insurer must convince a workers compensation judge that there is a job available within the injured workers restrictions.
Indemnity vs. Guarantee: Whats the Difference? - Difference Wiki
Indemnity is essentially a promise to compensate or reimburse another party for any loss or damage that may occur. Its often seen in insurance contracts, where
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