What is The Meaning of Indemnification?
(1) In the case of an insurance contract, the insurer reimburses the insurer for the claim and the value of the claim which was paid by the insurer under the terms of compensation. From a technical point of view, the insured not only faces the claim, but also has to pay the loss before the insurance company can pay the compensation. (2) An agreement between one party to accept financial responsibility for the other party's obligations. Disclaimer is commonly used to enforce this risk transfer.
Meaning of Indemnification: Use health insurance for health, but don't just go away financially. Insurers usually only want to cover losses, but they do not allow anyone to make money by making insurance claims. Generally, property and health insurance do not cover the insured. Therefore, property and health insurance is insurance of liabilities. On the other hand, the life insurance industry knows that the victim is often relatively worthless when settling a claim. The life insurance industry continues to make claims. The life insurance industry even sells multiple policies for one person, which is relatively useless. Therefore, we say health and property insurance is a compensation policy that compensates for your claims. However, life insurance is defined as a value policy: it pays for multiple policies, even if the insured is an unemployed person and even if the unemployed policyholder has a large number of insurance policies. Note that in property insurance, the compensation policy is also considered a valuable policy, not a compensation policy.
Meaning of Indemnification: Compensation work with the intention of restoring a person or business to its pre-loss financial condition.
Meanings of Indemnification
Compensation for loss or damage