Indemnity insurance - what it is and what is its purpose?
Insurance It is the process by which a person can prevent a financial crisis. It is also referred to as a form of loss management written agreement between parties that helps a person in making payments more affordable. In other words, indemnity insurance is something a person buys to save him or herself from losing money. Therefore, if something happens to the property that was insured, the company pays you for your loss. Importance of insurance Insurance helps a person in hard times with aspects like paying the hospital bills, routine medical care, medicines, and medical tests. Any type of financial loss either to the person or the family can be compensated from insurance. What is Indemnity Insurance? It is an official agreement between two parties in which one party compensates for the loss of the other party. Indemnity is the basis of many insurance policies, that ensure that all you lose will be fully compensated and that there will be no burden on your shoulders. Two parties are ...