Glossary

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Indemnity: The making good of a loss to a person with an Insurable Interest by means of a monetary payment or other reimbursement.
Insurable Interest: Insurance requires for its validity that the insured shall be so related to the subject-matter of the insurance that he will benefit from its survival or will suffer from loss or damage to it or may incur liability in respect of it. This distinguishes Insurance from a mere wager or bet.