are all contact of insurance including life insurance, contact of indemnity explain ?
No, all contracts are not contracts of indemenity. This is because according to the principle of indemnity, the purpose of an insurance contract is to bring back the insured to the same financial position as he or she was before the loss occurred to him or her (because of a mishap). But in case of life insurance, life of a person can not be brought back . Thus, the principal of indemnity is not applicable in life insurance.