indemnity insurance definition
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- DEFINITION of 'Indemnity Insurance'. An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment.ndemnity insurance is an insurance policy that protects business owners and employees from losses due to failure to deliver expected services.
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The Concept of Indemnity in Business Contracts 1 Indemnity can also refer to compensation for loss or damage from the actions of another party. 2  And indemnity can also be described as a legal exemption from loss or damages, as in the case of an indemnity clause in a contract.
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4 Important Facts About Indemnity Health Insurance Also known as a traditional indemnity plan or a fee-for-service plan the plan helps provide protection against the costs of medical expenses. A key feature of the indemnity health insurance plan is that it does not force you to choose a primary care doctor. The indemnity health policy is different than policies offered by health maintenance organizations (HMOs) and preferred provider organizations (PPOs) because it allows you obtain medical care where you choose and then the indemnity health policy provides compensation for a set portion of the costs.
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Indemnity vs. Non-Indemnity, Whatâs the Difference? Indemnity means that the insured is entitled to a specific amount of compensation for a loss that is tied to a replacement, reimbursement, or fair-market value. The primary difference is that with indemnity insurance, there is no “profit” so to speak.he amount of compensation received cannot be directly correlated with the loss. For example, life insurance is non-indemnity insurance because you cannot place a value or a cost of replacement on a person’s life.
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The difference between indemnity and non-indemnity insurance in insurance law? In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured.Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance.Rgds max_jaret@yahoo.com.n non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured.
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indemnity noun, plural indemnities. 1. protection or security against damage or loss. 2. compensation for damage or loss sustained. 3. something paid by way of such compensation. 4. protection, as by insurance, from liabilities or penalties incurred by one's actions.
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Definition indemnity payments. (1) The losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages. (2) Payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.
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- An indemnity is an obligation by a person (indemnitor) to provide compensation for a particular loss suffered by another person (indemnitee).
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Professional Indemnity Insurance A Professional Indemnity insurance policy aims to shield the Professional's assets in the event of a claim therefore ensuring that he/she is able to carry on their business. Every policy on the market is different. You need to compare each policy.rofessional Indemnity Insurance protects you from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract. Coverage includes legal defence costs-no matter how baseless the allegations.
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Hospital Indemnity Insurance Hospital Indemnity Insurance. Hospital Indemnity insurance, also called Hospitalization insurance or Hospital insurance, is a plan that pays you benefits when you are confined to a hospital, whether for planned or unplanned reasons, or for other medical services, depending on the policy.
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Professional indemnity insurance factsheet #5 Professional Indemnity insurance was designed for professionals who provide advice or a service to their customers. It is designed to protect you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business.
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Double Indemnity  (film) The term  double indemnity  refers to a clause in certain life insurance policies that doubles the payout in cases when death is caused while riding a railway or other public transport means. Praised by many critics when first released, Double Indemnity was nominated for seven Academy Awards but did not win any. Widely regarded as a classic, it is often cited as a paradigmatic film noir and as having set the standard for the films that followed in that genre.
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indemnity indemnity. 1  protection or security against damage or loss. 2  compensation for damage or loss sustained. 3  something paid by way of such compensation. 4  protection, as by insurance, from liabilities or penalties incurred by one's actions.
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Internal Revenue Bulletin: 2013-22 Indemnity reinsurance means an agreement between one or more reinsuring companies and a covered entity under which (1) the reinsuring company agrees to accept, and to indemnify the issuing company for, all or part of the risk of loss under policies specified in the agreement, and (2) the covered entity retains its liability to, and its contractual relationship with, the individuals whose health risks are insured under the policies specified in the agreement.
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Insurance Indemnity – the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest.
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- indemnity health plan. DEFINITION: Indemnity health insurance plans are also called fee-for-service. These are the types of plans that primarily existed before the rise of HMOs, IPAs, and PPOs.With indemnity plans, the individual pays a pre-determined percentage of the cost of health care services, and the insurance company (or self-insured employer) pays the other percentage.For example, an individual might pay 20 percent for services and the insurance company pays 80 percent.ith indemnity plans, the individual pays a pre-determined percentage of the cost of health care services, and the insurance company (or self-insured employer) pays the other percentage. For example, an individual might pay 20 percent for services and the insurance company pays 80 percent.
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Indemnity insurance Indemnity insurance. An indemnity insurance policy pays up to a fixed amount when you make a claim, often on a per-day basis. The premiums on health insurance indemnity plans may be lower than on other heathcare plans, but the fixed payments may cover only a portion of your medical bills. Some people use indemnity plans as supplements to, rather than substitutes for, more comprehensive health insurance.
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Principle Of Indemnification principle of indemnification. A defining characteristic of insurance, providing that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss without rewarding or penalizing the insured for its loss. Suggest an improvement or addition to the Insurance and Risk Management Glossary.
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- Look up indemnity in Wiktionary, the free dictionary. An indemnity is an obligation by a person (indemnitor) to provide compensation for a particular loss suffered by another person (indemnitee).n indemnity is distinct from a guarantee, which is the promise of a third party to honor the obligation of a party to a contract should that party be unable or unwilling to do so (usually a guarantee is limited to an obligation to pay a debt).
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Health Insurance Test Terms A type of limited risk health insurance that pays a cash benefit directly to the policyowner in the event of hospitalization. Available on an individual or group policy basis, hospital indemnity insurance provides extra cash to cover personal expenses not covered by medical insurance during hospitalization.
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- Professional indemnity insurance, also known as PI insurance, is a type of liability cover designed to protect an individual or business against claims made by clients for loss or damage due to negligent advice or services.omments. I have been asked by a German speaking director of a UK company to inquire about professional indemnity for the UK Company, but this is a total start-up situation.
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- An indemnity bond is, at its basic level, a type of insurance policy that ensures one party to a contract will perform as required. Indemnity bonds, also referred to as surety bonds, are used across the business world.
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- indemnity reinsurance. An agreement between two or more insurance companies under which the reinsuring companies agree to accept and to indemnify the issuing company for all or part of the risk of loss under policies specified in the agreement.The ceding company retains its liability to and its contractual relationship with the insured.dministration of the claim is retained by the ceding company. An agreement between two or more insurance companies under which the reinsuring companies agree to accept and to indemnify the issuing company for all or part of the risk of loss under policies specified in the agreement.
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- DEFINITION of 'Liability Insurance'. Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.
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- BREAKING DOWN 'Indemnity Insurance'. Errors and omissions insurance is commonly sought (and often required) in financial industries, while deferred compensation indemnity insurance has become popular as a way for company executives to protect future money owed to them, even if the company has filed for bankruptcy.ndemnity insurance is an insurance policy that protects business owners and employees from losses due to failure to deliver expected services.
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insurance insurance. n. 1. (Insurance). a. the act, system, or business of providing financial protection for property, life, health, etc, against specified contingencies, such as death, loss, or damage, and involving payment of regular premiums in return for a policy guaranteeing such protection. b. the state of having such protection.