What is Indemnity? | LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE Exam Prep

Indemnity is a fundamental insurance principle stating that an insured should be restored to the same financial position they were in immediately before a loss occurred, receiving compensation equal to the actual loss without profit or gain. 📚 Learn more about Indemnity and other key terms for your LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE exam at Open Exam Prep. 🎯 This term appears on: LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 Indemnity definition: https://www.open-exam-prep.com/glossa... 💡 Exam Tip: Indemnity = restore to PRE-LOSS position, no profit. ACV = Replacement Cost - Depreciation. Life insurance is EXCEPTION (valued policy). Subrogation supports indemnity principle. --- #insurance #examprep #financeexam #life-health-insurance #property-casualty-insurance