indemnity

indemnity definitions

noun
  • An obligation or duty upon an individual to incur the losses of another. 

  • The right of an injured party to shift the loss onto the party responsible for the loss. 

  • Security from damage, loss, or penalty. 

  • 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. 

  • Repayment; compensation for loss or injury.