Question 41
InsuranceWhen an insured person admits that he has indemnified, he means that
- A.the insurance company has accepted his claims
- B.the damaged property has been recovered
- C.he has paid his premium fully
- D.the insurance company has restored him to his former position
- E.he has recovered benefits lost through acting in bad faith
Show the answer and explanation
Answer: D (the insurance company has restored him to his former position)
Explanation
Indemnity means putting the insured back in the same financial position as before the loss.