An Appraisal of Indemnity as A Key Principle in The Practice, Of Insurance -Uganda as A Case Study

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CHAPTER ONE

1.0 Introduction Indemnity is the controlling principle of contracts of insurance which is the system for wide distribution of accidental losses and an arrangement for transferring and distributing risk. 1 Insurance is essentially a contract of indemnity, and from this cardinal principle arise many of its distinctive characteristics.2 The purpose of insurance is indemnity and indemnity only and whenever it is applied to any other, such use is a perversion of the true principle.3 In understanding the importance of Insurance to the economy, one must acknowledge its role as a mechanism of financially mitigating risk and providing for loss recovery in such a manner that the loss sufferer is put back in the exact financial position he or she was before the loss, this underlies the Principle of Indemnity which is the focus of this paper. As a nation undergoing rapid development, Insurance has begun to receive a lot of focus in Uganda. This has necessitated increased government interest in ensuring that the business of insurance is not only run well but that it meets its obligations to the insuring public. Thus the country has witnessed within the past ten years amendments and enactments in the. legal regime within which the industry and the business must operate.4

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APA

Frontiers, E. & FOLAYAN, B (2022). An Appraisal of Indemnity as A Key Principle in The Practice, Of Insurance -Uganda as A Case Study. Afribary. Retrieved from https://afribary.com/works/an-appraisal-of-indemnity-as-a-key-principle-in-the-practice-of-insurance-uganda-as-a-case-study

MLA 8th

Frontiers, Edu, and BAYO FOLAYAN "An Appraisal of Indemnity as A Key Principle in The Practice, Of Insurance -Uganda as A Case Study" Afribary. Afribary, 21 Jun. 2022, https://afribary.com/works/an-appraisal-of-indemnity-as-a-key-principle-in-the-practice-of-insurance-uganda-as-a-case-study. Accessed 30 Jun. 2022.

MLA7

Frontiers, Edu, and BAYO FOLAYAN . "An Appraisal of Indemnity as A Key Principle in The Practice, Of Insurance -Uganda as A Case Study". Afribary, Afribary, 21 Jun. 2022. Web. 30 Jun. 2022. < https://afribary.com/works/an-appraisal-of-indemnity-as-a-key-principle-in-the-practice-of-insurance-uganda-as-a-case-study >.

Chicago

Frontiers, Edu and FOLAYAN, BAYO . "An Appraisal of Indemnity as A Key Principle in The Practice, Of Insurance -Uganda as A Case Study" Afribary (2022). Accessed June 30, 2022. https://afribary.com/works/an-appraisal-of-indemnity-as-a-key-principle-in-the-practice-of-insurance-uganda-as-a-case-study