indemnity insurance

Insurance under a policy providing indemnification for actual loss or damage suffered by the insured (Shealey v American Health Ins. Corp. 220 SC 79, 66 SE2d 461, 27 ALR2d 942) as distinguished from insurance, particularly insurance under a policy covering a life, which provides for the payment of a specified sum upon the occurrence of the event insured against without reference to what the actual loss or damage arising from the event may be. 29 Am J Rev ed Ins § 4. A policy of insurance protecting the insured against loss due to injuring the property or person of a third person, under which the insurer does not become liable to the insured until the latter has sustained an actual loss in the discharge of liability to the third person, being distinguished in this respect from a liability policy under which the liability of the insurer attaches when the liability of the insured attaches, notwithstanding the insured has not sustained a loss in payment, voluntary or involuntary, made to the third person. 7 Am J2d Auto Ins § 81; 29A Am J Rev ed Ins § 1343.