Indemnity definition

ĭn-dĕmnĭ-tē
Frequency:
Compensation for damage, loss, or injury suffered.
noun
4
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An exemption from liability for damages resulting from specified conduct, as in a contract indemnifying a party for the performance of certain actions.
noun
3
1
Protection or insurance against loss, damage, etc.
noun
2
0
Legal exemption from penalties or liabilities incurred by one's actions.
noun
1
0
Indemnity is defined as protection from damage, injury, financial loss or legal liability.

When you buy insurance and your insurance protects you from being sued or from financial loss, this is an example of indemnity.

noun
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Repayment or reimbursement for loss, damage, etc.; compensation.
noun
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A duty, typically arising from contract, in which one promises to make good another’s financial loss or liability, resulting from a particular event or contingency.
noun
0
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The act of making good another’s financial loss or liability, resulting from the occurrence of a particular event or contingency.
noun
0
0
The injured party’s right to claim payment from the party with the duty.
noun
0
0
(law) An obligation or duty upon an individual to incur the losses of another.
noun
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0
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noun
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(law) The right of an injured party to shift the loss onto the party responsible for the loss.
noun
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(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.
noun
0
0
Security against damage, loss, or injury.
noun
0
1

Other Word Forms

Noun

Singular:
indemnity
Plural:
indemnities

Origin of indemnity

  • Middle English indempnite from Anglo-Norman from Late Latin indemnitās from Latin indemnis uninjured indemnify

    From American Heritage Dictionary of the English Language, 5th Edition

  • From Middle French indemnité, from Late Latin indemnitas (“security from damage”), from Latin indemnis (“undamaged”), from in- (“not”) + damnum (“damage”).

    From Wiktionary