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Simple English definitions for legal terms

indemnity principle

Read a random definition: executory interest

A quick definition of indemnity principle:

The indemnity principle is a rule in insurance that says an insurance policy should only pay for the actual loss suffered by the insured. This means that the benefit received from the insurance policy should not be more valuable than the loss experienced. For example, if someone's car is damaged in an accident, the insurance policy should only cover the cost of repairing the car, not the cost of a brand new car.

A more thorough explanation:

Definition: The indemnity principle is a doctrine in insurance that states that an insurance policy should not provide a benefit that is greater in value than the actual loss suffered by the insured.

Example: Let's say that John's car is insured for $10,000. If John gets into an accident and the cost of repairs is $5,000, the insurance company will only pay $5,000 to cover the cost of repairs. This is because the indemnity principle ensures that John is only compensated for the actual loss he suffered, which is $5,000.

Explanation: The indemnity principle is designed to prevent people from profiting from insurance claims. Insurance is meant to protect individuals from financial loss, not to provide them with a windfall. By limiting the amount of compensation to the actual loss suffered, the indemnity principle ensures that insurance remains a tool for risk management rather than a means of making a profit.

indemnity mortgage | indenization

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Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
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