What Does Principle of Indemnification Mean?

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What does Principle of Indemnification mean? Read on to discover the definition & meaning of the term Principle of Indemnification - to help you better understand the language used in insurance policies.

Principle of Indemnification

Principle of Indemnification

A defining characteristic of insurance, providing that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss without rewarding or penalizing the insured for its loss.

We hope the you have a better understanding of the meaning of Principle of Indemnification.

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