Indemnity insurance

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Indemnity Insurance

An insurance policy that pays the policyholder a certain amount per day after the insured event occurs. For example, if a policyholder is hospitalized, he/she may make a claim on his/her indemnity insurance policy and receive $150 per day. Thus, indemnity insurance does not cover specific expenses, but rather provides a flat fee. It is useful as a supplement to primary insurance because indemnity insurance may not provide enough to cover the policyholder by itself.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Indemnity insurance.

An indemnity insurance policy pays up to a fixed amount when you make a claim, often on a per-day basis.

The premiums on health insurance indemnity plans may be lower than on other heathcare plans, but the fixed payments may cover only a portion of your medical bills.

Some people use indemnity plans as supplements to, rather than substitutes for, more comprehensive health insurance. Others use low-cost indemnity plans for short-term coverage.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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