Page 103 - CFPA-SCR-Award in General Insurance W01_2018-19_Neat
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Indemnity
Contents Syllabus learning
outcomes
Learning objectives
Introduction
Key terms
A Definition of indemnity 3.13
B Application of indemnity 3.14
C Measuring indemnity 3.14
D Modifying indemnity 3.15
E Limiting factors 3.16
Key points
Answers
Self-test questions
Learning objectives
After studying this chapter, you should be able to:
• define indemnity; Chapter
• explain how indemnity applies in policies and how it is measured and achieved;
• outline how indemnity is modified by agreed value and first loss policies; 7
• identify circumstances where claimants may receive more than an indemnity settlement; and
• describe situations when claimants may receive less than an indemnity settlement.
