indemnity insurance

indemnity insurance
risk protection for actions for which a business is liable. Insurance that a business carries to cover the possibility of loss from lawsuits in the event the business or its agents were found at fault when an action occurred. Glossary of Business Terms
————
An Insurance which is designed to protect a mortgage lender against the risk of you defaulting or not being able to repay the mortgage. The policy is usually imposed upon by the lender at the start of the loan and the premium payable is determined by the level of perceived risk to the home lender of you defaulting on the loan.

Financial and business terms. 2012.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Indemnity Insurance — An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as… …   Investment dictionary

  • indemnity insurance — Insurance under a policy providing indemnification for actual loss or damage suffered by the insured (Shealey v American Health Ins. Corp. 220 SC 79, 66 SE2d 461, 27 ALR2d 942) as distinguished from insurance, particularly insurance under a… …   Ballentine's law dictionary

  • indemnity insurance — Any insurance designed to compensate a policyholder for a loss suffered, by the payment of money, repair, replacement, or reinstatement. In every case the policyholder is entitled to be put back in the same financial position as he or she was… …   Big dictionary of business and management

  • Prize indemnity insurance — is indemnification insurance for a promotion in which the participants are offered the chance to win prizes. Instead of keeping cash reserves to cover large prizes, the promoter pays a premium to an insurance company, which then reimburses the… …   Wikipedia

  • Protection and indemnity insurance — Protection and indemnity insurance, commonly known as P I, is a form of marine insurance provided by a P I Club. A P I Club is a mutual (i.e. co operative) insurance association that provides cover for its members, who will typically be ship… …   Wikipedia

  • Professional indemnity insurance — provides cover for claims brought against the policyholder due to their professional negligence.There are three types of Professional Indemnity wordings: Negligent act, error or omission This indemnifies the policyholder against… …   Wikipedia

  • mortgage indemnity insurance — UK US noun [U] UK INSURANCE ► a type of insurance that protects a financial organization against loss if someone is unable to pay back their mortgage: »Loans above 75 per cent involve mortgage indemnity insurance. → Compare MORTGAGE PROTECTION… …   Financial and business terms

  • professional indemnity insurance — Insurance that gives protection against legal liability for damage or compensation arising out of any neglect, error or omission committed or alleged to have been committed by or on behalf of the insured in connection with the business. Practical …   Law dictionary

  • indemnity — in·dem·ni·ty /in dem nə tē/ n pl ties 1 a: security against hurt, loss, or damage b: exemption from incurred penalties or liabilities 2 a: indemnification (1) b: something (as a payme …   Law dictionary

  • indemnity — in‧dem‧ni‧ty [ɪnˈdemnti] noun indemnities PLURALFORM 1. [uncountable] INSURANCE protection against loss or damage, especially in the form of an official written promise to pay for any losses or damage: • Every full time employee at our firm… …   Financial and business terms

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”