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PWC Report: The Africa Business Agenda

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From The Glossary »

Indemnity:

The amount paid by the insurer to the insured for loss or damage covered under the insured’s policy. Indemnity value takes into account the effects of depreciation. Short-term insurance contracts may be either indemnity or non-indemnity contracts. If it is an indemnity contract the insured is entitled to recover the commercial value of what is insured, that is depreciated value. Replacement value puts the insured into a position that is better ...

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