![]() If an insurance claim is filed as a result of a loss, the policyholder is made whole financially by the insured, which covers any of the costs associated with the claim. If needed, the policyholder can file an insurance claim, which is a request to the insurer for financial compensation for a covered loss. In return, the insurance company receives monthly premiums paid by the policyholder. Insurance contracts typically contain indemnity agreements in which the insurer agrees to compensate the policyholder or the insured for any financial losses and damages to the assets covered under the policy. ![]() Indemnity is a legal contract in which a company agrees to pay for financial losses and damages caused by another party or event.
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