indemnityɪnˈdɛm nɪ ti
indemnity (n)
- plural
- indemnities
English Definitions:
indemnity, insurance (noun)
protection against future loss
indemnity (noun)
legal exemption from liability for damages
damages, amends, indemnity, indemnification, restitution, redress (noun)
a sum of money paid in compensation for loss or injury
indemnity (Noun)
an obligation or duty upon an individual to incur the losses of another.
indemnity (Noun)
repayment
indemnity (Noun)
the right of an injured party to shift the loss onto the party responsible for the loss.
indemnity (Noun)
(insurance) a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
Indemnity
An indemnity is a sum paid by A to B by way of compensation for a particular loss suffered by B. The indemnitor may or may not be responsible for the loss suffered by the indemnitee. Forms of indemnity include cash payments, repairs, replacement, and reinstatement.
Indemnity
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party to perform the promise of a relevant other party if that other party defaults. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum compensation is often expressly limited.
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"indemnity." Kamus.net. STANDS4 LLC, 2024. Web. 20 Apr. 2024. <https://www.kamus.net/english/indemnity>.
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