Abdul Nafay Laar
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. 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-that is, promises to make whole the individual or business for any covered loss. In this type of 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.An indemnity clause is started in the majority of insurance agreements. However, 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 payment is valid. Similarly, many contracts include a letter of indemnity, which guarantees that both parties will meet the contract stipulations ( or else an indemnity must be paid).
Trending
- Pakistan needs macroeconomic stability, debt recovery, and improved revenue for prosperity: Dr Samuel Rizk
- APIO delegation meets Chairman BISE to discuss the education situation
- CHC vows to support Pakistan in Social and Health sector
- CPNE condemns the attack on Gulzar Baloch, news editor of Daily Azadi Quetta, and his brother
- Larkana Range Police recover a hostage in Kacha area
- SPG opens its doors in Barcelona to host the largest edition ever
- If federation wants to provide roti at cheap rate then what is problem: IHC
- Government should provide full protection to the investors: Syed Ismail Hussain Shah