Guarantee payment or compensation following a financial loss.

A fundamental concept governing insurance: compensation for loss or injury sustained.

In workers' compensation, the benefit paid to replace lost wages; generally a tax-free replacement of two-thirds of the pre-disability wage, up to a dollar maximum.

Replacement, repair or payment of value for a loss. This is meant to return the insured, or person to be indemnified, to the condition which existed before the loss.

An undertaking issued by a beneficiary or his bank to reimburse a settling bank if the documents are rejected. Français: Indemnité Español: Indemnización, compensación, reparación

Insurance term for the cover provided in the contract of insurance

A legal agreement to compensate a person or entity for a certain kind of injury or loss. Life insurance is a type of indemnity.

An undertaking given by one party to another (the beneficiary) promising to indemnify the beneficiary against any losses, damages, costs or expenses that might arise as a result of the beneficiary carrying out or performing a specific act specified in the indemnity.

Applies to insurance policies and means the insurer will basically make sure you are no better or worse off in the event of a claim taking into account wear and tear.

To be restored to the financial condition that existed prior to a loss, neither better nor worse.

Compensation given to customers for items that are lost, rifled or damaged while in course of post. (indemnité)

1). In the case of damages or losses suffered by a party, an indemnity is the assurance that the situation will be rectified by another party by way of repair or monetary payments. That other party is mostly an insurance company in which the policyholder who has suffered damages has indemnity insurance. 2). A guarantee by a client to their bank (usually in the form of a 'letter of indemnity') that the bank will not be held liable for continuing to serve the interests of that client as a result of the client's loss of documents.

a term describing the purpose of property insurance — to reimburse or compensate for a covered loss.

The basic principle of insurance.The payment that you receive after a mishap leaves you in the same financial position as you were before you suffered the loss.

A contractual agreement between two or more parties outlining compensation for specified damage or losses

a promise to a person of reimbursement for losses incurred in defined circumstances, in particular, a promise to pay for goods or services supplied to, or to repay loans made to, a specified third party.

An agreement to insure or reimburse another in case of damage or failure to fulfill an obligation.

to wholly or partially responsibility for the loss that has been sustained by another

(Indemnité) This is a principle of insurance by which the insureds, up to the limit of the policy, are fully compensated for the actual cash value of what they have lost, so that they neither gain nor lose as a result of the loss.

Procedures to restore insured to the situations that existed prior to a loss.

The compensation received by an individual for qualifying losses paid under an insurance policy. The indemnity compensates for losses that exceed the deductible up to the level of the insurance guarantee.

Managed care, particularly HMO and capitation, has evolved away from the indemnity method. Yet, many people are still covered under indemnity plans. Insurance program in which covered person is reimbursed for covered expenses. 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. Indemnity insurance plans may have a PPO option, UR and case management features, or include a network or other preferred provider restrictions, but, will not have an HMO plan. Indemnity is the traditional form of insurance.

If someone promises to compensate someone else for loss or damage, it is called an indemnity.

Used to describe a policy that provides compensation for damage, loss or injury suffered. See also Fee-For Service.

Obligation of one party to reimburse another party for losses which have occurred or which may occur.

A principle of insurance that an insured should be fully reimbursed for a loss.

Protection against future loss.

To make payment for a loss.

Generally covers bills from any participating provider. Some services are subject to annual deductible and coinsurance. Typically has broad coverage, high lifetime limits and freedom of choice of doctors. May have to submit claim forms and wait for reimbursement. Does not encourage preventive care like HMOs.

A legal exemption from liability for damages.

To restore a party who has had a covered loss to the same financial position that party held before the loss occurred.

a sum of money paid in compensation for loss or injury

a contract, express or implied, to keep a person who has entered into or who is about to enter into a contract, or incur any other liability, indemnified against loss, independently of the question whether a third person makes default

a contractual document or clause in a contract whereby one party promises to pay another for any losses that may arise from the acts or omissions of a third party

an equitable remedy founded in the common-law that shifts loss from one defendant to another

a security against damage or loss

A contract, or insurance policy that compensates for a particular type of potential loss.

A type of insurance in which the insured pays for services at the time they are received, submits bills and copies of paid receipts to the insurance company, and the insurance company reimburses the insured for a set portion of the covered health care expenses.

An insurance plan in which you are reimbursed for payment of services covered by the plan.

Compensation for an incurred injury, loss or damage. For risk and insurance managers, PureShare ActiveMetrics can proactively track and monitor indemnity and other forms of exposure.

Shifting the responsibility for satisfying losses resulting from liability from one party to another.

An agreement to make good any loss suffered as a result of an act or failure to act by another

A benefit paid by an insurance policy for an insured loss.

Compensation for an incurred injury, loss or damage. Most insurance contracts agree to restore the insured in whole or in part, by payment, repair or replacement of property damaged by a covered peril. In the case of liability insurance, most policies agree to pay those sums the insured becomes legally obligated to pay as damages to others.

A traditional health insurance plan that generally does not require use of a specific provider network to receive Benefits.

A contract or agreement whereby one person agrees to protect and defend another against loss or damage.

An arrangement whereby one party undertakes to protect another in respect of a potential loss.

A legal principle which specifies that an insured policyholder should not collect more than the actual cash value of a loss - but should be returned to the same financial position as they had before the loss.

A tradition health insurance plan that reimburses for medical services provided to patients based on bills submitted after the services are rendered. Also know as fee-for-service plans. These plans generally do not have a specific provider network.

Security against loss or damages, exemption from penalty or liability, amount paid as compensation under an indemnity agreement.

Compensation paid for damage or loss sustained or anticipated.

an agreement whereby a party agrees to secure another party against an anticipated loss or damage. 9.3.2

Insurance is a contract of indemnity. The basic principle is that an individual should be restored to the same financial condition that existed prior to the loss that happened. The insured has the right to payment following a loss in the amount of the financial loss that occurred.

Denotes a compensation given to make a person whole from a loss already sustained.

Repayment of wage loss.

Security against damages or losses.

An agreement whereby a lessee or other person holds the lessor or another person blameless against any cost or loss arising by reason of the occurrence of certain events or circumstances, such as failing to deliver the equipment.

The legal principle that ensures that a policy holder is restored to the same financial position after the loss as he was in immediately prior to the loss.

Also known as a Letter of Guarantee (L/G). In a DC transaction, the credit applicant assumes liabiility for repayment of the credit to the negotiating bank if the latter cannot obtain reimbursement from the issuing bank. The applicant has"indemnified" the negotiating bank from any liability.

In general, means reimbursement for loss, but also is used to mean a benefit provided by a policy. In health insurance it sometimes is used to designate an amount paid regardless of actual loss or expense incurred.

Protection against a specific event that allows for compensation should the event occur.

Replacement value – with an asset that is damaged, stolen or lost the insurance company will pay a sum of money that will ensure the same financial position as before the loss – no better, no worse.

An established amount of money or compensation to be paid that covers an insured loss.

The obligation of one person to make good any loss or damage that another has incurred or may incur by acting at the request or benefit of the requesting party. For example, an agreement by a corporation to represent and pay the expenses of officers or directors who are named as individual defendants in litigation relating to actions performed on behalf of the corporation.

The amount paid by the insurance policy if AEV is less than the Coverage Price. The indemnity is calculated by subtracting AEV from the Coverage Price.

The restoration of loss in the form of payment or replacement.

The traditional form of insurance in which a person is reimbursed for covered expenses. It usually defines the maximum amounts paid.

Compensation for loss; a promise to pay for costs incurred by a person in certain circumstances.

A protection against actual loss or damage as a result of the matter mentioned. An indemnity is not an absolute guarantee that something won't happen, it states the terms under which an actual loss will be compensated.

To pay or in some way compensate for a loss, hurt or damage.

An indemnity is a pre-determined sum paid for a covered loss. To indemnify is to make compensation to for damage, loss or injury suffered. | Back

Indemnity health insurance plans are also called "fee-for-service." These are the types of plans that primarily existed before the rise of HMOs, POSs, 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. The fees for services are defined by the providers and vary from physician to physician. Indemnity health plans offer individuals the freedom to choose their health care professionals.

This takes place when the victim of a loss is placed in the same financial position as before the loss occurred.

A contract that stats the insured will be compensated for a loss, and no more than the loss. Insurance policies, therefore, are contracts of indemnity. The principle of indemnity is to try and put the insured back as closely as possible into the same financial position that existed before the loss occurred, but no more and no less.

A predetermined sum paid for a covered loss.

Compensation for your loss. This may be a monetary value or replacement of the loss. Indemnity will help restore you to the financial position you were in immediately prior to the loss.

The act of compensating a loss victim by payment, restoration, or replacement.

Restoration to the victim of a loss by payment, repair, or replacement. (G)

compensation to a victim for a loss.

The act of providing restitution for a loss or claim that has been discharged or paid by another liable party.

A principle that says an insured should not collect more from insurance than the amount of loss.

To reimburse someone for a loss which he or she has suffered as a result of an act or default (q.v.) of another.

A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties.

An agreement to reimburse another individual or legal entity who incurs a loss that is covered by the agreement.

Also known as Letter of Guarantee (L/G), it is an undertaking given in respect of discrepancies in documents presented under a credit. The beneficiary who issues the indemnity is primarily liable to repay funds received from the negotiating bank in settlement under the credit, if the negotiating bank cannot obtain reimbursement from the issuing bank as a result of documents being rejected by the applicant.

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.

repayment for loss, damage, etc

One of the five general principles. An insured should not profit by a claim, but should be put in the same financial position as he was immediately before it happened. Personal Accident policies can be an exception to the rule, as they have fixed sums insured, as can policies that give 'New for Old' replacement covers, which could put the insured in a better position.

Liability or loss shifted from one person held legally responsible to another.

A policyholder is indemnified in situations where he/she is compensated in respect of a loss which they have sustained or is protected from legal liabilities which they may have incurred. An indemnity is provided when a claim is accepted under the terms of a policy. Also means that in the event of underinsurance, settlement under some policies reverts to indemnity, which means that the insurer will pay the replacement cost of damaged items, less an allowance for wear, tear & depreciation.

Indemnity is when the person or party suffering a loss is paid or reimbursed for that loss, the purpose being to restore that party to the condition that was present prior to the loss. In a life insurance contract, the payment made to a beneficiary is called indemnity.

Insurance benefits or reimbursement for loss.

Traditional health-insurance coverage in whichphysicians, patients or health institutions send medical bills to theinsurance company for payment--classical "fee-for-service"coverage. Increasingly being supplanted by managed care programs.

Payment of an amount to offset all or part of an insured loss. The insured is indemnified for a specified loss or part thereof. Not synonymous with benefits. (See also: benefits.)

Security against damages or loss. Being exempt from penalties.

an indemnity is a payment or compensation by one person to another to make up for a loss which the other has suffered.

To protect and secure against damage or loss; to make good; to compensate for loss.

The obligation resting on one party to make good any loss or damage another party has incurred or may incur by acting at his request for his benefit.

An undertaking by one person to save another harmless from loss. Most insurance policies and many guarantees come within the definition of indemnity.

Used interchangeably with Losses.

Payment to reimburse a specific quantifiable monetary loss or expense incurred(Of commission) Paid in full at commencement of a contract on the assumption that this will remain in force for at least a certain minimum period. If the contract is terminated within this period part of the commission may be required to be refunded.

An agreement wherein one party financially protects another against an anticipated loss.

A traditional Health Benefit Plan that reimburses for medical services provided to Members based on bills submitted after the services are rendered. Also known as a fee-for-service plan. These plans generally do not have a specific Provider Network unless they are a Preferred Provider Network plan (PPO).

Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.

a promise by a third party to pay a debt owed, or repay a loss caused, by another party. Unlike a guarantee the person owed can get the money direct from the indemnifier without having to chase the debtor first. Insurance contracts are contracts of indemnity as the insurance company pays up then tries to recover the loss from whoever caused it.

A duty resting on one person to make good a loss or damage another has suffered. Commonly used in international trade. A bank will issue its indemnity to a steamship line, on behalf of its customer, in order to release merchandise without the surrendering of a negotiable bill of lading.

To guarantee or insure against loss, damage, or liability.

Repayment or reimbursement for loss or damage.

liability of an insurer for loss under a policy.

The making good of a loss by means of a monetary payment / An agreement by one party to make good a loss sustained by the other party.

insurance principle by which a policyholder is placed in the same financial position after a loss, as they were immediately before it.

Compensation for loss; a promise to pay for costs incurred by a person on the occurrence of an anticipated loss.

Compensation to the claimant for disability or illness suffered - security against loss.

To restore the victim of a loss, in whole or in part, by payment, repair or replacement.

A reimbursement that compensates exactly for a loss. It is, in effect, the payment of an amount of money that restores an individual or organization to the same position as existed prior to the loss.

A principle of insurance by which the insured, up to the limit of the policy, is fully compensated for the actual cash value of what he has lost, so that he neither gains nor loses as a result of the loss.

A commitment given by one person to make good any loss another may incur; e.g. a bank may give an indemnity to a Receiver-Manager.

Security against damage or loss; sum paid in compensation for loss incurred.

Compensation against loss; also security against contingent loss.

An Agreement whereby a lessee or other person holds the lessor or another person blameless against any cost or loss arising by reason of the occurrence of certain events or circumstances, for example, the non-achievement of the desired tax treatment of the transaction.

1. A compensation to make a person whole from a loss already sustained. 2. A contract or assurance by which one engages to secure another against an anticipated loss.

An obligation to provide compensation for a loss, injury, or damage.

Benefits paid in a predetermined amount in the event of a covered loss.

the placing of the insured in the same financial position after a loss as he was in immediately prior to the occurrence.

POLICY (MIG Policy). A Mortgage Indemnity Guarantee policy is an insurance policy designed to indemnify the mortgagee (lender) against loss in the event of default on the mortgage repayment. It is normally taken out by the lender at the start of the mortgage and the mortgagor (borrower) is made to pay the premium! The premium is normally calculated as a percentage (5.8% is typical) of that part of the loan above a certain percentage of the property value, normally 70 - 75%. It is charged as a lump sum to the borrower and can usually be added to the mortgage advance. It should be understood that such policies are for the protection of the lender and NOT the borrower.

undertaking by one to make good the losses of another. This differs from a guarantee in that it is a primary obligation enforceable irrespective of whether the beneficiary could seek action against the person responsible for causing the loss

when used generally, refers to compensation or reimbursement given to make a person whole from a loss inflicted either by the indemnifier itself or a third party (in which case it is like insurance); includes consequential and reasonable expectancy (e.g. lost profit) damages, but not punitive or exemplary damages, which are not usually given in international law; indemnity can also mean a legislative act which assures a dispensation or exemption from punishment or liability for offenses, wrongs or acts in excess of authority.

Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.

A very important Insurance principal, the insurer in granting indemnity to a client will seek to place them in the same financial position after the loss as they were in before.

Compensation given for a loss sustained.

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.

insurable interest insurance

A legal principle specifying that the insured not collect more than the actual cash value of a loss but be restored to approximately the same financial position that existed before the loss.

Benefits of a predetermined amount paid for a loss.

A contractual agreement made between different parties to compensate for any damages or losses.

The principle by which insurance policyholders are put in the same financial position after a loss as they were immediately before it.

to provide an undertaking to secure against loss or damages in the event of certain events – in other words: “compensation

in general, reimbursement or loss, but also more specifically a benefit provided by a policy; in health insurance the term is sometimes used to designate an amount paid regardless of actual loss or expense incurred.

It refers to a principle whereby insurance policyholders are put in the same financial position after a loss as they were immediately before it.

Legal doctrine limiting recovery under an insurance policy to the lesser of the sum which will restore the insured to his or her financial position prior to the loss or to the actual cash value of the loss.

a legal agreement to pay for someone else’s losses

Insurance protection that will place the insured in the same financial position as before a loss was sustained.

A legal contract whereby the losses incurred by one party are paid by another.

The statement of terms under which loss or damage to property will be compensated

A contract, expressed or implied, to repay in the event of a loss. Insured neither gains nor loses.

This is the basis upon which your claim is settled. In the event of the insured property being destroyed or lost by an event insured against, the insurers undertake to place you back in the same position you were in financially , immediately before the loss occurred. It is against public policy for a person to benefit from a misfortune as there would be no inducement for the protection of property and deliberate losses would, as a result, proliferate. Unless your policy specifically makes provision for settling claims on what is commonly referred to as the new for old basis claims will be settled on the actual value of the property at the time of the loss, which will include in most circumstances a deduction for age/wear and tear and in some cases obsolescence. The majority of insurance policies give the Insurers the right to decide whether to repair, replace or reinstate the damaged property or to pay its value in cash. Indemnity is also affected by the application of average, excesses, limitations and the adequacy of the sums insured.

Indemnity is the right to receive compensation from another for a loss paid. Indemnity does not alter the assignment of liability, but permits the indemnified to effectively escape the burden of paying for the liability incurred. An insurance contract is the most common form of indemnification and source of indemnity.

Term used to describe a benefit that pays a specific dollar amount rather than actual charges or a percentage of the charges.

The company will pay a specified benefit amount for a condition or hospital confinement, regardless of the actual expense.

An agreement by one party that he will pay to another the amount of liability which may be suffered by the second party.