Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

indemnity principle

Read a random definition: act in pais

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.