INDEMNITY CONTRACTS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 January 2010
ARE INSURANCE CONTRACTS INDEMNITY CONTRACTS?
14 January 2010
Property and liability insurance contracts that restore the insured to his/her original financial condition after suffering a loss. The insured cannot profit by the loss; otherwise an unscrupulous homeowner, for example, could buy several fire insurance policies, set fire to the house, and collect on all the policies.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 January 2010
thanks for the reply sir. . .but i would like u to be a little clear. according to ur answer i interpret that life insurance policies are not indemnity contracts. m i correct?
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