1 thought on “why is life insurance not a contract of Indemnity? (please provide a long answer)<br /> ”
Answer:
In life insurance the compensation is paid either on the death or an expiry of a specific time period whichever comes earlier. Since payment of compensation is assured by the insurance companies that is why contract of life insurance is considered as a contract of assurance.there fore not as indemnity
Answer:
In life insurance the compensation is paid either on the death or an expiry of a specific time period whichever comes earlier. Since payment of compensation is assured by the insurance companies that is why contract of life insurance is considered as a contract of assurance.there fore not as indemnity
. Hope it helps