Indemnity Form for the Trip to the Water Park

Instructions and help about Indemnity Form For The Trip To The Water Park

hi everyone and welcome back to basic insurance my name is Rebecca and I am your insurance lady and today we're going to talk about the principle of indemnity so the principle of indemnity states that the insured will be reimbursed for a loss in the form of payment repair or replacement now remember the insured is the customer and the insurer is the insurance company so to indemnify is to repay to restore and to compensate it is not designed for gain and it is not designed for profit so imagine if you will it's a nice hot sunny day and you have a tall glass of cold water filled up to the brim you hear thirsty so you take a big big gulp of that water and then all of a sudden now it's half-full or half-empty depending on how you look at it so in order to indemnify that cup you are going to fill up the water to the place it was before you took that sip so it's going to be filled up to the brim the principle of indemnity will not allow your cup to run it's over okay it's not going to happe