Double indemnity legal definition

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WebApr 13, 2024 · double indemnity noun : a provision in a life insurance or accident policy whereby the company agrees to pay twice the face of the contract in case of accidental … Webdefinition. double indemnity insurance means insurance undertaken by an insurer as part of a life insurance contract whereby the terms of the policy provide for the duration of such insurance for more than one year and for payment only in the event of the death of the insured by accident of an additional amount of insurance money not exceeding ...

Double Indemnity Definition & Meaning YourDictionary

WebMar 24, 2024 · Double Indemnity Life Insurance Definition. Double indemnity life insurance clauses require an insurer to provide a larger payout if the insured died as a result of accidental death. Very often, this additional payment will be double or even triple the amount that is provided for in the policy. WebDouble the usual monetary award from a policy as a result of certain conditions occurring, usually the accidental death of the insured. Related Legal Terms & Definitions … bobbed tail nag

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Webindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a … Webbut refused to pay double indemnity, basing its refusal on two grounds: (1) the insured did not meet his death by accidental means within the coverage of the policies, and (2) the insured's death resulted from ... broad legal definition of the word "homicide'-the killing of one human being by another human being.4 Nevertheless, ... WebDouble Indemnity. Learn about the definition for this legal term. Bar Exam Prep » Legal Terms ... What is Double Indemnity? A provision in a life insurance policy that calls for … clinch\\u0027s 4th georgia cavalry

Double Indemnity - FindLaw Dictionary of Legal Terms

What is Double Indemnity? - Definition from …

Webindemnity. Indemnity is a type of insurance that covers a wide range of damages and losses. In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured ... WebJan 1, 2024 · A life insurance policy’s double indemnity insurance-clause clearly specifies something important. An insured person might die as a consequence of an accident. If this happens, the insurance company will pay twice as much as is specified in the regular life insurance contract. Additionally, according to the majority of life insurance ... clinch\\u0027s house lord streetWebUnderstanding Indemnity. Indemnity is a statutory duty for one party (compensate) to reimburse the other party (insurance holder) for losses sustained because of the indemnitor's or any other party's actions. The statutory responsibility to "keep safe" or "save harmless" is typically, but not always, coincident with the duty to indemnify. clinch\u0027s battle seminole war

"WebApr 12, 2024 · Indemnity is a comprehensive form of insurance compensation for damages or loss. When the term indemnity is used in the legal sense, it may also refer to an … " - Double indemnity legal definition

Double indemnity legal definition

Guidelines on the imposition of double imdemnity

WebDouble Indemnity, when to Start Period of Compution. a. The computation for double indemnity as herein defined shall start from the effectivity of the prescribed increases or adjustments as indicated in the wage order. b. The basis for the computation of double indemnity shall be limited to the unpaid benefits as defined herein. c. WebOct 30, 2024 · The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain …

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WebSep 22, 2024 · Accidental death coverage, also known as double indemnity insurance, is a rider often available for life insurance plans. It could also be a stand-alone policy that … WebDouble Indemnity definition: A clause in an insurance policy that provides for payment of double the face value of the contract in case of accidental death.

WebDouble indemnity is a provision in a life insurance policy that calls for an additional payment, usually equal to the face amount of the insurance, in the event of accidental … WebOct 29, 2024 · Apparently in the law of the Philippines the term "Double Indemnity" is used for provisions that impose on an employer who fails to pay the required minimum wage, an obligation to pay to the employee(s) twice the amount which would otherwise be due. This is imposed by Republic Act No. 8188. See: Double Indemnity for Failure to Pay Minumum …

WebRecompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage … WebLegal Definition indemnity noun in· dem· ni· ty in-ˈdem-nə-tē plural indemnities 1 a : security against hurt, loss, or damage b : exemption from incurred penalties or liabilities 2 …

WebDouble indemnity refers to payment by a life insurance policy of two times the face value when death results from an accident (e.g., an auto accident) as opposed to a health …

WebA second prosecution for the same offense after acquittal or conviction or multiple punishments for same offense. The evil sought to be avoided by prohibiting double … clinch\\u0027s battle seminole warWebAbout insurance law class (hons.) ii sem. subject insurance law unit i:introduction definition nature and history of insurance. concept of insurance, law of. Skip to document. Ask an Expert. clinch\u0027s house lord streetWebDec 27, 2024 · 1. Indemnity Provision or Clause. An indemnity commonly appears in the form of a clause or provision in a legal contract. An indemnification provision in a contract is a very important commitment, because the indemnitor is foregoing, or surrendering, their ordinary right under the law to sue the indemnitee to recover a loss. bobbed wigWebMar 2, 2024 · A double indemnity policy is a kind of insurance policy that pays out twice the face value of the policy in the case of the policyholder’s death by accident. In the … clinch valleyWebDouble Indemnity. A term of an insurance policy by which the insurance company promises to pay the insured or the beneficiary twice the amount of coverage if loss occurs due to a particular cause or set of circumstances. Double indemnity clauses … We would like to show you a description here but the site won’t allow us. Draconian Laws: A code of laws prepared by Draco, the celebrated lawgiver of … bobbed wedding hairWebindemnity: Recompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which ... bobbed wavy hairWebDouble Indemnity. : a provision in a life insurance or accident policy whereby the company agrees to pay twice the face of the contract in case of accidental death. Source: Merriam … clinch valley bluefield va