Indemnity Insurance
An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as malpractice insurance and errors and omissions insurance, which indemnifies the professional against claims made in the workplace.
Health indemnity insurance is sometimes used when a person is in between health plans, and will cover some (but not all) expenses. Investopedia Says:
Errors and omissions insurance is commonly sought (and often required) in financial industries, while deferred compensation indemnity insurance has become popular as a way for company executives to protect future money owed to them, even if the company has filed for bankruptcy. Related Terms:
Health Savings Account - HSA
Indemnity
Life Insurance
Non-Qualified Deferred Compensation - NQDC
Provision |