INDEMNITY

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.

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indemnity

Noun

  1. an obligation or duty upon an individual to incur the losses of another.
  2. repayment
  3. the right of an injured party to shift the loss onto the party responsible for the loss.
  4. (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.


The above text is a snippet from Wiktionary: indemnity
and as such is available under the Creative Commons Attribution/Share-Alike License.

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