In an insurance contract, indemnification is the main objective of insurance. Whether it is a property, fire, theft, or any other insurance contract except for life insurance, the principle of indemnity states that the insured person should be compensated for the actual amount of loss up to the limit of the amount of policy.
The indemnification basically deals with restoring the position of the insured person after the loss has occurred to his position before the loss had occurred. In other words, the compensation should be able to restore one's wealth as near as possible to the wealth had the loss not occurred at all.
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