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:
“Far and away the best prize that life offers is the chance to work hard at work worth doing.”
—Theodore Roosevelt (1858–1919)
“For there can be no whiter whiteness than this one:
An insurance man’s shirt on its morning run.”
—Gwendolyn Brooks (b. 1917)