{"id":48236,"date":"2022-07-11T17:38:15","date_gmt":"2022-07-11T16:38:15","guid":{"rendered":"https:\/\/dailynews24.ng\/?p=48236"},"modified":"2022-07-11T17:38:15","modified_gmt":"2022-07-11T16:38:15","slug":"common-reasons-for-indemnity-insurance","status":"publish","type":"post","link":"https:\/\/dailynews24.ng\/common-reasons-for-indemnity-insurance\/","title":{"rendered":"Common reasons for Indemnity Insurance"},"content":{"rendered":"
An indemnity is a comprehensive form of insurance compensation for damages or loss. When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages.<\/strong><\/p>\n Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party. A typical example is an insurance contract, in which the insurer or the Indemnitor agrees to compensate the other (the insured or the indemnitee) for any damages or losses in return for premiums paid by the insured to the insurer. With indemnity, the insurer indemnifies the policyholder\u2014that is, promises to make whole the individual or business for any covered loss.<\/p>\n