Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
Latest activity
Earn Money
Review Website/Apps
Passive Income
Money apps
Paid Survey
Stock
Forex
Real estate
Paid to write
Social Media Monetization
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Personal loan
Retirement
Debt help
Savings for Students
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Insurance Forums
4 Payment Methods of Indemnity
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Suba, post: 285820, member: 3658"] What is indemnity in insurance? Indemnity (compensation) is the principle of providing financial compensation to policyholders or insurance company customers in accordance with the losses suffered. In essence, the principle of indemnity aims to return the insured party to the same condition financially before suffering a loss, so that payment of claims by the insurance company must not exceed the loss limit. example: The coverage limit owned by a client or customer of an insurance company is $ 50,000 but because the loss is only worth $ 10,000, the insurance company is only obliged to pay a claim of $ 10,000. Payment Methods of Indemnity When a valid claim arises, the insurance company can use four payment methods as follows: 1. Cash Payment Cash payment is the most widely used payment method by insurance companies in providing compensation for losses suffered by customers. such as hospital medical expenses, fires, natural disasters, car damage etc. 2. Repair Insurance companies often also provide compensation in the form of (car) repairs, where the damage will be repaired at an authorized repair shop that has been appointed by the insurance company. 3. Replacement Replacement is often done by insurance companies in solving claims problems, for example replacing broken glass in a house. 4. Reinstatement Reinstatement is often used as an indemnity in the case of property in the form of buildings, machinery and equipment. In this reinstatement method, the insurance company repairs or builds property or machinery damaged by the disaster. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Insurance Forums
4 Payment Methods of Indemnity
Top