INDEMNITY CONTRACTS

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Querist : Anonymous (Querist)

14 January 2010 ARE INSURANCE CONTRACTS INDEMNITY CONTRACTS?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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14 January 2010 Property and liability insurance contracts that restore the insured to his/her original financial condition after suffering a loss. The insured cannot profit by the loss; otherwise an unscrupulous homeowner, for example, could buy several fire insurance policies, set fire to the house, and collect on all the policies.

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2010 thanks for the reply sir. . .but i would like u to be a little clear. according to ur answer i interpret that life insurance policies are not indemnity contracts. m i correct?

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