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

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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

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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

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