Indemnification involves compensating for harm or loss, providing protection against future losses, typically through insurance, and includes subrogation which transfers rights to recover compensation.
An indemnification clause typically requires one party to compensate the other for certain damages or losses. This clause is crucial in contracts to manage risk and liability.
A Claim is a formal request by an insured party seeking indemnification for a loss incurred due to a covered peril under the terms of an insurance policy.
Major Medical Insurance is a form of supplemental medical insurance that indemnifies all medical costs not covered under standard health and hospitalization insurance. This type of policy usually includes a deductible that the insured must pay before the benefits of the major medical insurance plan become effective.
A detailed exploration of restitution, its legal significance, historical context, types, and applications.
A comprehensive overview of Excess of Loss Reinsurance, covering its definition, operational mechanism, benefits, historical context, and practical applications in the insurance industry.
