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    				| 1. | The party which indemnifies to compensate the other party of such potential loss is termed as _________a) Insurerb) Premiumc) Considerationd) Insured | 
| Answer» Answer: premium Explanation: Indemnity means making compensation payments to one party by the other for the LOSS occurred. DESCRIPTION: Indemnity is based on a mutual CONTRACT between two parties (one insured and the other insurer) where one PROMISES the other to compensate for the loss against payment of PREMIUMS. | |