In a contract of indemnity, the party who is to be indemnified or protected by the other party is called?

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Get ready for your CISR Commercial Casualty I Exam. Study with multiple choice questions, gain insights with explanations and hints. Enhance your understanding and increase your chances of success!

Multiple Choice

In a contract of indemnity, the party who is to be indemnified or protected by the other party is called?

Explanation:
In an indemnity contract, the protected party is called the indemnitee. The indemnitor is the one who promises to indemnify or compensate for losses, restoring the indemnitee’s financial position after a covered event. Other terms like beneficiary and assured have their own typical uses in different types of contracts or policies (beneficiary receives policy proceeds in many life or health contexts; assured is often used to refer to the insured), but they aren’t the standard label for the party being indemnified in an indemnity agreement.

In an indemnity contract, the protected party is called the indemnitee. The indemnitor is the one who promises to indemnify or compensate for losses, restoring the indemnitee’s financial position after a covered event. Other terms like beneficiary and assured have their own typical uses in different types of contracts or policies (beneficiary receives policy proceeds in many life or health contexts; assured is often used to refer to the insured), but they aren’t the standard label for the party being indemnified in an indemnity agreement.

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