MLchartDataset catalogue

Indemnity

Term · Insurance and risk management · MLC-T-INS-001797

The principle by which an insured is restored to the approximate financial position they occupied immediately prior to a covered loss, without profiting from the loss. It represents the compensation paid for damage or loss. Most property and casualty insurance policies are contracts of indemnity, aiming to make the insured whole again.

Table 1. Record
IdentifierMLC-T-INS-001797
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001797",
  "term": "Indemnity",
  "field": "Insurance and risk management",
  "definition": "The principle by which an insured is restored to the approximate financial position they occupied immediately prior to a covered loss, without profiting from the loss. It represents the compensation paid for damage or loss. Most property and casualty insurance policies are contracts of indemnity, aiming to make the insured whole again.",
  "url": "https://mlchart.com/terminology/insurance/indemnity/"
}

Record 1,714 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.