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Below an “indemnification” policy, the insurance carrier can generally either “reimburse” or “pay on behalf of”, whichever is more advantageous to it and the insured in the claim handling method. The organization, named the Amicable Society for a Perpetual Assurance Office, collected annual premiums from policyholders and paid the nominees of deceased members from a common fund.
Citation required Another example is the legal infrastructure which permits life insurance to … Read More