indemnity

Definition

A type of insurance coverage where the payout is based on the specific, proven financial loss suffered, rather than a predetermined amount.

Etymology

Derived from the Latin 'indemnis,' meaning 'unhurt' or 'free from loss.' It entered English in the early 17th century to denote compensation or security against damage or loss.

In the news

In the article, 'indemnity value' is mentioned as a complex feature of income protection insurance that requires professional guidance for consumers to choose correctly.

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