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What is an indemnity?

What is an indemnity? Here are some definitions.

Noun
  1. Security from damage, loss, or penalty.
  2. (law) An obligation or duty upon an individual to incur the losses of another.
  3. Repayment; compensation for loss or injury.
  4. (law) The right of an injured party to shift the loss onto the party responsible for the loss.
  5. (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.
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Examples
In its defence the Third Party has admitted liability by the defendant but denies any obligation for contribution or indemnity.
She had also tricked Albert into signing a double indemnity insurance policy on his own life shortly before the murder.
In other words, the efforts of the defence counsel on a partial indemnity basis are justified.
The fact is, indemnity or hold-harmless clauses can make consumers do a slow burn when accidents occur.
A farmer with APH insurance coverage receives an indemnity if the harvested yield is less than the yield guarantee.
Insurance is the purchase of an indemnity against the risk of loss caused by a fortuity.

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