A(n)__________ is an undertaking by one person,for consideration,to pay another person a sum of money in the event of a specified loss.

Question

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An indemnity contract is an agreement where one party agrees to compensate the other party for any losses incurred as a result of a specified event, such as damage to property or liability claims. It is a type of insurance policy where the indemnitor agrees to cover the losses of the indemnitee. The other options may be related to guaranteeing payment, but do not specify the event of a loss as required in the question.

A(n)__________ Is an Undertaking by One Person,for Consideration,to Pay Another