We recognize insurance jargon can be difficult to understand, but it doesn’t have to be. In this video series, we’ll simplify some complex insurance terms so you can be better informed about your insurance coverage.
Indemnity is the promise from an insurer to financially compensate a policyholder; it’s the contractual obligation of an insurer to help return a policyholder to their pre-loss financial position in the event of loss. As a foundational principle of insurance, indemnity can be thought of as making the insured whole again.
If you need help deciphering terms such as indemnity or other insurance jargon, be sure to talk with an Amica representative. We’re here to help you have a great experience.