period of indemnity

Definition

The time period during which benefits are paid out to replace a portion of lost income under an insurance policy (e.g., disability or business interruption insurance). Such insurance policies have a specified maximum period of indemnity following a covered incident. Payments cease after the indemnity period is up even if the disability or business interruption persists.

Use period of indemnity in a sentence

You should try and make sure that you are coming up with a solution when you are in the period of indemnity.

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The period of indemnity was an important event for the recently injured worker who was reliant on the insurance to pay.

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After my brother was in a serious car accident, he was shocked to learn that his company's insurance policy would only provide him with a period of indemnity lasting one year.

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