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Indemnity

Definitions and Meaning in English

1. Protection or security against financial loss or damage.
2. A payment made to compensate for a loss or injury, often in the context of insurance or legal agreements.
3. A legal exemption from penalties or liabilities, typically granted to a party under specific conditions.
4. The act of securing someone from legal responsibility or harm, often by a third party.

History and Origin

The word “indemnity” comes from the Latin indemnis, meaning “unhurt” or “free from harm.” It entered the English language in the early 17th century. Initially, it referred to the protection from harm or damage, and its meaning broadened over time to include compensation for such damage, particularly in legal and insurance contexts. In law, indemnity refers to the protection against legal consequences or financial loss, often through agreements or insurance policies.

Detailed Explanation

“Indemnity” refers to the concept of protection from financial loss or legal liability. It is most commonly used in the context of insurance, where an indemnity agreement ensures that the insurer will compensate the insured for losses incurred due to certain risks or events, such as accidents or damage to property. In legal terms, indemnity may refer to a situation in which one party agrees to hold another party harmless, protecting them from legal responsibility or financial consequences. This concept is essential in both business contracts and personal insurance policies, where parties seek to manage risk and protect against unforeseen losses. The indemnity arrangement often includes a payment or agreement to cover damages or liabilities.

Example Sentences

1. The company provided indemnity to its employees in case of accidents during work hours.
2. The insurance policy included indemnity for any damages caused by natural disasters.
3. He sought indemnity for the medical expenses incurred due to the accident.
4. The contract included an indemnity clause that protected the seller from future legal claims.
5. The government granted indemnity to the soldiers involved in the controversial mission.
6. The lawyer advised her client to seek indemnity for the financial losses caused by the breach of contract.
7. The insurer agreed to offer indemnity for the damages to the property caused by the fire.
8. She was granted indemnity for the harm caused by the faulty product.
9. The indemnity agreement ensured that the company would not be held responsible for third-party claims.

Synonyms with Short Explanation

1. Compensation – Payment made to cover loss, damage, or injury, similar to indemnity.
2. Reimbursement – The act of paying back someone for expenses or losses incurred, closely related to indemnity.
3. Protection – Safeguarding against risk, often achieved through indemnity agreements.
4. Security – The state of being protected from financial or legal loss, similar to indemnity.
5. Restitution – The act of restoring something to its rightful owner, often involving compensation for losses.

Related Words with Short Explanation

1. Liability – Legal responsibility for something, often mitigated by indemnity agreements.
2. Insurance – A financial product that provides indemnity in the event of loss or damage.
3. Warranty – A promise that a product will meet certain standards, often accompanied by indemnity for defects.
4. Indemnification – The act of compensating for harm or loss, the process through which indemnity is granted.
5. Exemption – The act of being freed from liability, often achieved through an indemnity agreement.

More Matches with Short Explanation

1. Reparation – Compensation for wrongs or damages, a form of indemnity.
2. Liability insurance – Insurance that provides indemnity for legal liabilities incurred by an individual or business.
3. Indemnity bond – A financial agreement ensuring compensation for losses or damages.
4. Hold harmless – A legal term related to indemnity, where one party agrees not to hold another responsible for certain risks.
5. Release of liability – A legal document that provides indemnity by releasing a party from responsibility for potential damages.

Antonyms

1. Liability
2. Responsibility
3. Obligation
4. Debt
5. Exposure