contract of indemnity definition

contract of indemnity

Type of insurance cover (such as property insurance, but not personal accident insurance) that only restores the insured to his or her original financial position. The insured cannot gain from a contract of indemnity.

contract of indemnity is in the Agreements & Contracts and General, Marine, & Life Insurance subjects.

contract of indemnity appears in the definition of the following term: contribution

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