Definition of "indemnity" in English

noun

1. Security from damage, loss, or penalty.

   • Near-synonyms: insurance, assurance

2. (law) An obligation or duty upon an individual to incur the losses of another.

   • Near-synonyms: liability, responsibility

3. Repayment; compensation for loss or injury.

   • Near-synonyms: reparations, recompense, recompensation; see also Thesaurus:compensation

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.