Definition of indemnity

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August undefined, 2024

Weblaw. 1. [noncount] : a promise to pay for the cost of possible damage, loss, or injury. an agreement providing indemnity against prosecution/loss. — often used before another … Webindemnity in British English. (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties. 1. compensation for loss or damage; reimbursement. 2. protection or insurance against future loss or …

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WebTo indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, … WebMar 21, 2024 · Indemnity also holds meaning in corporate law. Here, an indemnity refers to an agreement that holds board directors free from any personal liability claims if the … change names in teams

Indemnify Definition & Meaning Dictionary.com

WebIn legal terms, indemnity is a contractual clause that protects one party from being liable to pay for the losses sustained by a third party. In insurance, indemnity insurance is the financial protection given to a business or professional from the financial losses incurred due to professional negligence, errors & omissions, or malpractice. WebDefine indemnity. indemnity synonyms, indemnity pronunciation, indemnity translation, English dictionary definition of indemnity. n. pl. in·dem·ni·ties 1. Security against … WebAn indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be … change names to initials in excel

25 Synonyms of INDEMNITY Merriam-Webster Thesaurus

indemnity Etymology, origin and meaning of indemnity by ...

WebThe meaning of INDEMNIFY is to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of Indemnify. Webindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is … change name table mysqlWebAn indemnity agreementis a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are … hardware founder

"Webindemnify / ( ɪnˈdɛmnɪˌfaɪ) / verb -fies, -fying or -fied (tr) to secure against future loss, damage, or liability; give security for; insure to compensate for loss, injury, expense, etc; … " - Definition of indemnity

Definition of indemnity

Indemnity Insurance - Definition, Types, Examples How it Works

Weblaw. 1. [noncount] : a promise to pay for the cost of possible damage, loss, or injury. an agreement providing indemnity against prosecution/loss. — often used before another noun. an indemnity plan/agreement. 2. [count] : a payment made to someone because of damage, loss, or injury. has paid $2 million in indemnities. WebJan 12, 2024 · A contract of indemnity is a legal agreement between two parties in which one party agrees to pay another party for a loss or damage that meets certain criteria and conditions, barring certain specified circumstances. An insurance contract is one type of contract of indemnity. Advertisement.

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WebOct 1, 2024 · Indemnity Insurance, Definition. Indemnity insurance is a type of professional liability insurance coverage. To indemnify means to provide protection … WebJan 22, 2024 · To indemnify someone means to “make someone whole.” The principle of indemnity is one of the fundamental principles of insurance because it is the part of an insurance contract that ensures the insured has the right to compensation and sets limits on how much they can get.

WebIndemnity states that the injured party has the right to claim compensation or reimbursement for damages or losses from the other party. This is usually applied in civil … Webindemnity. Indemnity is a type of insurance that covers a wide range of damages and losses. In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured ...

WebIndemnity. In its widest sense, "indemnity" means protection against, or compensation for, a loss or liability. Some indemnity claims arise by operation of law. For example, the law … WebApr 9, 2024 · indemnity in British English (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties 1. compensation for loss or damage; reimbursement 2. protection or insurance against future loss or damage 3. legal exemption from penalties or liabilities incurred through one's acts or defaults 4. (in Canada) the salary paid to a member of Parliament or of a legislature 5.

WebJul 24, 2024 · TCB Prop. Mgmt. There, the court categorized the obligations to indemnify and hold harmless as offensive and defensive rights. Indemnification, according to the court, is “an offensive right—a ...

WebDec 10, 2024 · Indemnity insurance is one way to be protected against claims or lawsuits. This insurance protects the holder from paying the full amount of a settlement, even if it is his fault. Many businesses require … change name south carolinaWebIndemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically … change namespace in kubernetesWebindemnity meaning: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more. change name social security card marriedWebSynonyms for INDEMNITY: compensation, reparation, damages, indemnification, restitution, redress, recompense, recoupment, reimbursement, remuneration change name that appears on gmailWebIn law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct of the party, who is making the promise or by the conduct of the third party. hardware fouten opsporenWebindemnity definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more. hardware fpuWebView history. Tools. Professional liability insurance ( PLI ), also called professional indemnity insurance ( PII) but more commonly known as errors & omissions ( E&O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and service-providing individuals and companies from bearing the full cost of ... hardware fpga