ECONOMICS

Detailed explanation-1: -No-fault auto insurance is a system that lets policyholders recover financial losses from their own insurance company, regardless of who was at fault in a motor vehicle accident.

Detailed explanation-2: -With an indemnity plan (sometimes called fee-for-service), you can use any medical provider (such as a doctor and hospital). You or the provider sends the bill to the insurance company, which pays part of it. Usually, you have a deductible-such as $200-to pay each year before the insurer starts paying.

Detailed explanation-3: -Life insurance does not relate to a contract of indemnity because the insurer does not promise to indemnify the insured for any loss on maturity or death of the insured but agrees to pay a sum assured in that case.

Detailed explanation-4: -Most insurance contracts are indemnity contracts. Indemnity contracts apply to insurances where the loss suffered can be measured in terms of money. Principle of Indemnity. This states that insurers pay no more than the actual loss suffered.

Detailed explanation-5: -Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss. There are many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.