Prize indemnity insurance is indemnification insurance for a promotion in which the participants are offered the chance to win prizes. Instead of keeping cash reserves to cover large prizes, the promoter pays a premium to an insurance company, which then reimburses the insured should a prize be given away.
Read more about Prize Indemnity Insurance: Hole-in-one Insurance, Motor Racing, Other Prize Indemnity Insurance
Famous quotes containing the words prize and/or insurance:
“In the corrupted currents of this world
Offence’s gilded hand may shove by justice,
And oft ‘tis seen the wicked prize itself
Buys out the law; but ‘tis not so above:
There is no shuffling.”
—William Shakespeare (1564–1616)
“For there can be no whiter whiteness than this one:
An insurance man’s shirt on its morning run.”
—Gwendolyn Brooks (b. 1917)