What is the definition of Indemnify?

To indemnify means to provide monetary compensation for loss that occurred.

Indemnity aims to restore an injured person to the condition that he previously enjoyed before the loss occurred. This may be in part or in whole.

The indemnity will help in restoring whatever was lost, which may involve the purchase, payment, replacement or repair of the insured property.

However, there is no set value for human life. Instead, one can look at the earning potential of that person to see what has been lost. In the event of the insured person's death, life insurance pays the death benefit with the purpose to help the family of an insured person to have the finances to continue living as if the insured breadwinner were still alive.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage