Period of Indemnity
Definition
- The specified length of time where benefits are contractually obligated to be paid in an insurance policy.
Synonyms
indemnity period, term of indemnity, indemnity term
Related Terms and Acronyms
- Aggregate Limit of Liability — Definition,
- A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.
- Benefit Period — Definition,
- The total period of time where an insurer is contractually obligated to pay benefits.
- Elimination Period — Definition,
- The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
- Indemnity — Definition,
- An arrangement where one party assumes liability for another party.
- Policy Declarations — Definition,
- The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
- Term — Definition,
- The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
