a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse
The principle upon which all property/casualty insurance contracts are based According to this principle, the objective of insurance is to restore the insured to the same financial position after a loss that he/she was in prior to the loss
the right of an injured party to shift the loss onto the party responsible for the loss
An obligation to provide compensation (usually money) for a loss, injury, or damage
A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties
Health insurance benefits provided in the form of cash payments rather than services An indemnity insurance contract usually defines the maximum amounts which will be paid for covered services
Compensation for loss; a promise to pay for costs incurred by a person on the occurrence of an anticipated loss