A guarantee that ensures any advance payments made by a customer will be reimbursed if the company cannot fulfill its contractual obligations.
Coinsurance is a provision in insurance policies that mandates the insured to cover a certain percentage of the risk or loss, sharing the burden alongside the insurer. This encourages the insured to maintain adequate coverage corresponding to the property’s value.
Indemnity is a legal agreement whereby one party agrees to compensate another for any losses or damages that have occurred or might occur in the future. In the context of insurance, it involves securing against potential financial liabilities.
Indemnity refers to the obligation to compensate an individual for loss or damage endured or anticipated. It involves a legal commitment whereby one party agrees to cover the financial consequences caused to another.
An insurance company is a business entity that provides coverage, by contract, wherein the insurer agrees to compensate or indemnify another party (the insured) for specified loss or damage arising from certain risks.
An individual or entity whose interests are protected under an insurance policy designed to indemnify against loss of property, life, health, etc.
