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What Is the Difference Between an HRA and an HSA?
What Is Premium Conversion?
What Is an Indemnity Benefit Contract?
How Does Short-Term Disability Work?
About Medicare Dental Benefits
About Hospice Medicare Benefits
Veterans Benefits & Medicare
What Is a HIPAA Compliance?
What Is Medicare Part B?
What Is the Purpose of HIPAA?
About HIPAA Misconceptions
What Does Renters Insurance Cover?
Health Insurance to Cover Pregnancy
Types of Insurance Policies for a Business
Contracts are legally enforceable promises. These promises are expressed with words and conduct or implied… More
Business contracts can be complicated and difficult to understand, but our expert is here to help you unde… More
A contract legally binds two or more parties in an agreement to perform specified acts. In order for a con… More
There are basic requirements associated with a business contract. In the absence of these requirements, a … More
In legal parlance, a contract is, according to dictionary.law.com, "an agreement with specific terms betwe… More
Contract law typically holds that a written contract, by virtue of existence, represents the entirety of t… More
A contract is a legal document binding two or more parties to its specific terms. One party agrees to do … More
A contract letter is a legal document designating agreed upon terms and conditions between two or more par… More
An employment contract defines the term of the employment, the amount of compensation and the duties and r… More
Contracts are legally binding agreements signed by two willing parties to loan and to pay back a set amoun… More
Before venturing into any contract, it is important to do your research. Learn about the best way to rese… More
Writing a contract agreement is important to have everything down on paper and indisputable. Learn the det… More
A service contract refers to a company using the services of another company instead of hiring on its own … More
An executory contract is a contract between the debtor, the person or entity that filed bankruptcy and the… More
An indemnity benefit contract simply states that one party agrees to pay another party when a loss occurs,… More
Summary: An indemnity benefit contract simply states that one party agrees to pay another party when a loss occurs, such as an insurance contract. Understand how an indemnity benefit contract applies to different situations with information from a Northwestern Mutual representative in this free video on insurance.
John Pinelli is an insurance representative for Northwestern Mutual.read more
"This is John Pinelli, financial representative, talking to you today about indemnity benefit contract. Now, an indemnity benefit contract is essentially an insurance contract where one party agrees to pay another party when a loss occurs. So, when that loss occurs by party A, party B has an agreement to come in and indemnify or reimburse party A for that loss when it occurs. So, an indemnity benefit contract is essentially an insurance contract, although it doesn't always have to pass through an insurance company. For example, my friend is about to leave my house and he says hey John, can I borrow your car? And I say, oh I don't know, and he says, well, if I damage your car I'll agree to pay for all the damages. So, that would be an example of an indemnity benefit contract where he has agreed to potentially pay the losses or damage to my car if he were to damage it, so he's engaged in an indemnity benefit contract, and in that case, if the car was damaged I would be indemnified or paid, reimbursed for that damage that had occurred."
eHow Article: What Is an Indemnity Benefit Contract?
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