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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...
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".
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.
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.
Feb 26, 2024 · Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Indemnity insurance is designed to...
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. bancassurance. broking. burial society. comprehensive insurance. health coverage. indemnification. indemnify. insurable.
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.
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.
[uncountable] indemnity (against something) protection against damage or loss, especially in the form of a promise to pay for any damage or loss that happens. an indemnity clause/fund/policy; indemnity insurance
