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Insurance Glossary

Indemnity

General

Definition

Compensation for loss or damage, restoring the insured to their financial position before the loss occurred.

Definición en Español

ES

Indemnización

Compensación por daño, pérdida o lesión sufrida; el principio de restaurar al asegurado a su posición financiera anterior a la pérdida.

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Related Terms

Claim
A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
Loss
The basis of a claim for damages under the terms of an insurance policy.
Coverage
The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.
Accident
An unexpected event or circumstance without deliberate intent that results in injury, damage, or loss.
Deductible
The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.
Exclusion
Specific conditions, circumstances, or types of losses that are not covered by an insurance policy.
Endorsement
A written amendment or addition to an insurance policy that modifies the coverage, terms, or conditions.
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