Indemnity

Pronunciation

Origin

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

Full definition of indemnity

Noun

1. (legal) an obligation or duty upon an individual to incur the losses of another.
2. repayment
3. (legal) the right of an injured party to shift the loss onto the party responsible for the loss.
4. (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.