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What is the principle of indemnity in insurance?

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What is the principle of indemnity in insurance?

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I got this question in unit test.

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What is principle of indemnity with example?

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Correct answer for this question is: Indemnity. The principle of indemnity ensures that an insurance contract protects you from and compensates you for any damage, loss, or injury. The purpose of an insurance contract is to make you "whole" in the event of a loss, not to allow you to make a profit.Jun 5, 2017

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