Indemnity
Indemnity is a legal exemption from the penalties or liabilities incurred by any course of action. For example, after wars, the losers have sometimes been required to pay indemnities. An insurance payout is often called an indemnity, or it can be insurance to avoid paying expenses in case of a lawsuit. In pre-biblical times, most [...]
Insurance
A tornado damage to an Illinois home would be considered an “Act of God” for insurance purposes Principles of insurance Losses must be uncertain. The rate of losses must be relatively predictable: In order to set premiums (prices) insurers must be able to estimate them accurately. This is done using the Law of Large Numbers [...]
