Which term describes the restoration of the insured person to the financial position he or she was in before the loss occurred?. . . A.. insurance. B.. indemnity. C.. face value.

The term that describes the restoration of the insured person to the financial position that he or she was in before the loss occurred is called indemnity. This allows protection to the insurer in case of loss and damage and will protect against any legal quandry that may occur.

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marvineetesh3 marvineetesh3 · Answer 2 · 2022-06-06T19:18:48+02:00

The word that best depicts the restoration of the insured individual to the financial position he or she was in before the loss occurred is the indemnity.

What is indemnity?

The term “indemnity” is determined and describes as making the contractual responsibility obligation for one party to compensate the other party for losses incurred as a result of the indemnity's or any other party's actions.

The term indemnification best represents the process of returning an insured individual to the financial position he or she had before the loss. It is defined as a security that protect to any person against any financial burden and losses.

Therefore, option B is correct.

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