Theo Abrams
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Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by another...
Feb 1, 2023 · Indemnity is a subset of compensation, and a contract of indemnity is a type of contract. The obligation to indemnify is a responsibility that the indemnifier willingly and voluntarily accepts. In most cases, an insurance contract is not considered an indemnity contract in India.
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
The meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence.
What is Indemnity? The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
May 14, 2024 · What Does Indemnity Mean? The word indemnity literally means security, protection or coverage against loss. What is a Contract of 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".
Feb 2, 2024 · In legal terms, indemnity requires a nondelivering entity to compensate the aggrieved party for losses it incurred or expects to as a result of the nonperformance. An indemnity clause can also act an as exemption from liability from damages, so the wording of the agreement is extremely important.
protection against possible damage or loss, especially a promise of payment, or the money paid if there is such damage or loss. SMART Vocabulary: related words and phrases. Insurance. actuarial. assessor. assurance. assure. bancassurance. broking. comprehensive insurance. copay. indemnification. indemnify. insurable. life assurance. mature.
noun. compensation for loss or damage; reimbursement. protection or insurance against future loss or damage. legal exemption from penalties or liabilities incurred through one's acts or defaults. (in Canada) the salary paid to a member of Parliament or of a legislature. act of indemnity.
