INDEMNITY
damages, amends, indemnity, indemnification, restitution, redress
(noun) a sum of money paid in compensation for loss or injury
indemnity
(noun) legal exemption from liability for damages
indemnity, insurance
(noun) protection against future loss
Source: WordNet® 3.1
Etymology
Noun
indemnity (countable and uncountable, plural indemnities)
Security from damage, loss, or penalty.
(legal) An obligation or duty upon an individual to incur the losses of another.
Repayment; compensation for loss or injury.
(legal) The right of an injured party to shift the loss onto the party responsible for the loss.
(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.
Source: Wiktionary
In*dem"ni*ty, n.; pl. Indemnities. Etym: [L. indemnitas, fr. indemnis
uninjured: cf. F. indemnité. See Indemnify.]
1. Security; insurance; exemption from loss or damage, past or to
come; immunity from penalty, or the punishment of past offenses;
amnesty.
Having first obtained a promise of indemnity for the riot they had
committed. Sir W. Scott.
2. Indemnification, compensation, or remuneration for loss, damage,
or injury sustained.
They were told to expect, upon the fall of Walpole, a large and
lucrative indemnity for their pretended wrongs. Ld. Mahon.
Note: Insurance is a contract of indemnity. Arnould. The owner of
private property taken for public use is entitled to compensation or
indemnity. Kent. Act of indemnity (Law), an act or law passed in
order to relieve persons, especially in an official station, from
some penalty to which they are liable in consequence of acting
illegally, or, in case of ministers, in consequence of exceeding the
limits of their strict constitutional powers. These acts also
sometimes provide compensation for losses or damage, either incurred
in the service of the government, or resulting from some public
measure.
Source: Webster’s Unabridged Dictionary 1913 Edition