a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse
The principle upon which all property/casualty insurance contracts are based According to this principle, the objective of insurance is to restore the insured to the same financial position after a loss that he/she was in prior to the loss
the right of an injured party to shift the loss onto the party responsible for the loss
An obligation to provide compensation (usually money) for a loss, injury, or damage
A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties
Health insurance benefits provided in the form of cash payments rather than services An indemnity insurance contract usually defines the maximum amounts which will be paid for covered services
Compensation for loss; a promise to pay for costs incurred by a person on the occurrence of an anticipated loss
Security against damage or loss, exemption from penalties, compensation for damage
An insurance company's payment to a plaintiff in settlement or adjudication of a claim Indemnity Reserves Claims reserves that are set aside to pay the portion of claims costs paid directly to claimants
Payment for services rendered Each encounter with the patient generates a charge in the expectation that the provider will be paid Also known as Fee for Service
Insurance against possible loss or damage A title insurance policy is a contract of indemnity
A type of insurance policy that pays a specified dollar amount for a covered service without regard to the actual cost for the service
An indemnity is an amount of money paid to someone because of some damage or loss they have suffered. The government paid the family an indemnity for the missing pictures
If something provides indemnity, it provides insurance or protection against damage or loss. Political exiles had not been given indemnity from prosecution
One party's agreement to insure or otherwise defend another party against any claims by thrid parties resulting from performance under the agreement
Obligation of one party to reimburse another party for losses which have occurred or which may occur
Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss Independent Adjustor: Claims adjustor who offers his or her services to insurance companies and is compensated by a fee
Indemnification, compensation, or remuneration for loss, damage, or injury sustained
{i} payment for loss or damage, compensation; insurance against possible loss or damage
Payment to reimburse a specific quantifiable monetary loss or expense incurred (Of commission) Paid in full at commencement of a contract on the assumption that this will remain in force for at least a certain minimum period If the contract is terminated within this period part of the commission may be required to be refunded
An insurance plan in which you are reimbursed for payment of services covered by the plan
(1) Benefits paid in a predetermined amount in the event of a covered loss (2) A traditional carrier that reimburses for medical services provided to patients based on bills submitted after the services are rendered Also known as fee-for-service
Indemnity is the traditional form of insurance in which a covered person is reimbursed for covered expenses Health insurance benefits are provided in the form of cash payments rather than services An indemnity insurance contract usually defines the maximum amounts which will be paid for covered services Indemnity insurance plans may have PPO option, UR and case management features or include a network or other preferred provider restrictions, but will not have an HMO plan