idemnity

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Term: Indemnity

Description:

Indemnity is a legal term that refers to a contractual obligation in which one party agrees to compensate another party for any potential losses or damages incurred. It is a form of financial protection against potential claims or liabilities.

Sense 1 (Noun):

1. a sum of money or compensation paid as a guarantee to cover potential losses or damages:

Example sentence: The company offered a substantial indemnity to the injured worker as a form of compensation.

Sense 2 (Noun):

2. protection or security against potential harm or loss:

Example sentence: The insurance policy provided indemnity to the homeowners in the event of a fire or natural disaster.

Sense 3 (Noun):

3. legal exemption from liability:

Example sentence: The contract included a clause that granted the supplier indemnity in case of any product defects.

Sense 4 (Noun):

4. a formal acknowledgment or agreement made by two parties:

Example sentence: The parties signed an indemnity to ensure confidentiality of the sensitive information shared.

Sense 5 (Noun):

5. compensation or reimbursement for expenses incurred:

Example sentence: The company provided full indemnity for the travel expenses of its employees.

Sense 6 (Verb):

6. to secure or protect against potential harm or loss:

Example sentence: The company decided to indemnify their customers against any financial losses resulting from a data breach.

Sense 7 (Verb):

7. to compensate or reimburse for losses or damages:

Example sentence: The insurance company agreed to indemnify the policyholder for the stolen property.