The Principle of Indemnity States That the Insured Can Be

question 92

True/False

The principle of indemnity states that the insured can be compensated for an amount equal to his economic loss.

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Definitions:

Small Business

An independently owned and operated company that is limited in size and in revenue depending on the industry.

Illegal Contracts

Agreements that are not enforceable by law due to their involvement with illegal activities or being against public policy.

Modern Approach

The modern approach refers to contemporary methods or perspectives that are updated, innovative, or different from traditional ways.

Partially Enforceable

Refers to contracts or clauses within contracts that can be legally upheld in part, though some provisions may not be enforceable.