What is an example of an indemnity?
The most common example of indemnity in the financial sense is an insurance contract. For instance, in the case of home insurance, homeowners pay insurance to an insurance company in return for the homeowners being indemnified if the worst were to happen.
What does indemnification mean?
: to secure against hurt, loss, or damage. : to compensate or reimburse for incurred hurt, loss, or damage. indemnifier noun. History and Etymology for indemnify.
What's the purpose of indemnity?
Indemnity is one party's promise to compensate another for potential losses or damages. Indemnification is the act of compensating another party after a loss has occurred. In an indemnity contract, the indemnitee is protected from liability and the indemnitor holds the indemnitee harmless.
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