indemnity plan definition
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What is Indemnity Dental Insurance? Dental insurance plans come in two main types. One type is called “fee for service” and one is called “managed care.” Indemnity dental insurance plans (also known as “traditional” plans) are a type of fee for service plan. With this type of plan, you have the freedom to visit any dentist.
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Hospital Indemnity Insurance If you have a hospital indemnity insurance plan, it can even help pay for insurance premiums and deductibles to ensure that you do not have a disruption in service. An indemnity insurance plan helps safeguard your savings accounts and supplements your out of pocket expenses.
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What is 'Indemnity' An indemnity clause is standard in most insurance agreements. Exactly what is covered, and to what extent, depends on the specific agreement. Any given indemnity agreement has what is called a period of indemnity, or a specific length of time for which the indemnity is valid. Similarly, many contracts include a letter of indemnity, which guarantees that the contract stipulations will be met by both parties, or else, an indemnity must be paid.
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- Indemnity is the legal philosophy upon which the concept of most insurance policies rests. Strictly speaking, indemnity is protection from loss and damage claims filed by another person. For example, the owner of an amusement park may have indemnity insurance to compensate visitors injured on his or her property.
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indemnity health plan 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.
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What is 'Indemnity' DEFINITION of 'Indemnity'. Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages.The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party.ndemnity insurance is a way for a company (or individual) to be protected against indemnity claims. This insurance protects the holder from having to pay the full sum of an indemnity, even if the holder is at fault for the cause of the indemnity in the first place.
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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 Full Definition of INDEMNITY. 1. a: security against hurt, loss, or damage b: exemption from incurred penalties or liabilities. 2.a: indemnification 1 b: something that indemnifies.3. a promise to pay for the cost of possible damage, loss, or injury. : a payment made to someone because of damage, loss, or injury.
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Traditional Indemnity Insurance Plans The primary forms of traditional indemnity insurance plans available generally are fee-for-service plans that offer. 1  hospital-surgical coverage. 2  major medical coverage and, as a combination of these two under one plan. 3  comprehensive coverage.
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Indemnity Agreement Law and Legal Definition An indemnity agreement is where one party to an agreement or contract agrees to pay the costs and liabilities associated with a certain event.n indemnity agreement is where one party to an agreement or contract agrees to pay the costs and liabilities associated with a certain event.
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Indemnity Health Insurance Definition The word indemnity is synonymous with insurance, compensation and reimbursement. When used to describe health insurance, conventional indemnity plans are what is thought of as traditional health insurance.Managed care plans evolved from indemnity health insurance policies, and therefore contemporary group health plans sometimes have many of the same features as traditional insurance.onventional Indemnity. Indemnity health insurance plans typically provide comprehensive medical coverage for a monthly premium. These are called fee-for-service plans, because bills are paid as charges are incurred.
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Learn About Indemnity Agreements To explain an indemnity agreement, it is first necessary to define the term indemnity. Indemnity is defined as a duty to make good any loss, damage, or liability incurred by another (Black's Law Dictionary). Indemnity has the general meaning of hold harmless; that is, one party holds the other harmless for some loss or damage.
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What is 'Indemnity' Indemnity insurance is a way for a company (or individual) to be protected against indemnity claims. This insurance protects the holder from having to pay the full sum of an indemnity, even if the holder is at fault for the cause of the indemnity in the first place.
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The Concept of Indemnity in Business Contracts Indemnity can also refer to a legal exemption from loss or damages, as in the case of an indemnity clause in a contract, in which one party agrees to take the liability for loss or damage from another party.efinition: Indemnity, Indemnify, Indemnification. The principles described in the terms indemnity and indemnify are interrelated so these terms are defined together. The term indemnity is defined as a duty to make good any loss, damage, or liability incurred by another (Black's Law Dictionary).
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HCM #2 Health Insurance Glossary. 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 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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- 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. « previous.
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- Rollerblading is a whole lot more fun than most other activities and just one half hour at moderate speed burns 300+ calories. Even more at intense rates or intervals! All inline skates are fitness skates that bring fun and good health. IW has differentiated these fitness skates by intended use, whether it be for Recreational, Urban, Cross-Training, Premium Performance or Speed Skating. The minimum skill level recommended for each is also provided.
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What is Indemnity Dental Insurance? Indemnity Dental Plans and You: What to Consider. Indemnity plans usually pay only a share of the total cost for a given type of work. In addition, the plan’s providers place a ceiling or top limit on how much they will pay for each type of work.
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Court Howell Township Municipal Court is Located at the Police Department on 300 Old Tavern Road (Please note that it is NOT located in the Township Municipal Building on Route 9) Mission Statement. Howell Township Municipal Court is the Township’s Center for Justice for all people.
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Indemnity Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
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- Hospital indemnity insurance is a type of insurance that pays a fixed amount for each day that you are in the hospital. Some plans will pay up to two years. Hospital Indemnity Insurance helps protect your financial independence if you are faced with a hospital stay.
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Indemnity Health Insurance Definition One of the main differences between traditional indemnity insurance and managed care plans is the way the insured receives services, particularly from medical specialists. Managed health care plans often require the patient to obtain a referral from a designated primary physician.
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Bond of Indemnity Law and Legal Definition Generally Indemnity bonds refer to an obligation in writing where one party agrees to reimburse the other for loss or injury that the party may suffer because of the occurrence of a specified event, or that one party will protect the other from harm or loss.
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What is 'Indemnity' Indemnity is common in agreements between an individual and a business (for example, an agreement to obtain car insurance), but it also applies, on a larger scale, to relationships between businesses and government or between governments of two or more countries.
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- Conventional Indemnity. Indemnity health insurance plans typically provide comprehensive medical coverage for a monthly premium. These are called fee-for-service plans, because bills are paid as charges are incurred. Payment is made either to the health care provider or insured person after services are received.