What is the difference between an agreed value and an indemnity contract?

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What is the difference between an agreed value and an indemnity contract?

If you’re looking to take out income protection insurance, one of the questions you may have is what ‘indemnity value’ means.

Depending on the specific product and provider, taking out an income protection insurance policy may involve choosing between two different benefit structures:

Agreed value
Indemnity value

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What is the difference between an agreed value and an indemnity contract?