Indemnity vs Undertaking - What's the difference?
indemnity | undertaking |
(legal) An obligation or duty upon an individual to incur the losses of another.
Repayment.
(legal) The right of an injured party to shift the loss onto the party responsible for the loss.
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
The business of an undertaker, or the management of funerals.
A promise or pledge; a guarantee.
That which is undertaken; any business, work, or project which a person engages in, or attempts to perform; an enterprise.
The act of one who undertakes, or engages in, any project or business.
