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Which of the following statements correctly describes a contract of indemnity?
Options
A) One party is restored to the same financial position the party was in before the loss occurred
B) The unequal exchange of value or consideration for both parties
C) One party(the insurance company) prepares the contract with no negotiation between the applicant and insurer
D) Only one party(the insurer) makes any kind of enforceable promise
Answer: A) One party is restored to the same financial position the party was in before the loss occurred
The above question Which of the following statements correctly describes a contract of indemnity?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.
