Contract Of Indemnity

Definition of "Contract of indemnity"

Josh Dunn real estate agent
Josh Dunn, Real Estate Agent RE/MAX America's Top Realty

Property and liability insurance contracts that restore the insured to his/her original financial condition after suffering a loss. The insured cannot profit by the loss; otherwise an unscrupulous homeowner, for example, could buy several fire insurance policies, set fire to the house, and collect on all the policies.

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