Definition of indemnity
Webindemnity in British English. (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties. 1. compensation for loss or damage; reimbursement. 2. protection or insurance against future loss or … WebView history. Tools. Professional liability insurance ( PLI ), also called professional indemnity insurance ( PII) but more commonly known as errors & omissions ( E&O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and service-providing individuals and companies from bearing the full cost of ...
Definition of indemnity
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WebIndemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically … WebBond of Indemnity Overview. The bond of indemnity definition is an obligation in writing in which a party has agreed to reimburse the holder of the bond for an injury or loss due to a specific event or has agreed to protect a party from injury or loss related to a specific event. The bond acts as a kind of insurance policy against the failure ...
Webindemnity definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more. WebAn indemnity agreementis a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are …
WebAug 10, 2024 · Contract of Indemnity means doing good to the person who has suffered loss or putting the person back into the same position as if no loss has occurred. The word indemnity has been derived from the Latin word ‘indemnis’which means … Webindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is …
WebApr 9, 2024 · indemnity in British English (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties 1. compensation for loss or damage; reimbursement 2. protection or insurance against future loss or damage 3. legal exemption from penalties or liabilities incurred through one's acts or defaults 4. (in Canada) the salary paid to a member of Parliament or of a legislature 5.
WebTo indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, … byju\u0027s exam prep for ctetWebJul 24, 2024 · TCB Prop. Mgmt. There, the court categorized the obligations to indemnify and hold harmless as offensive and defensive rights. Indemnification, according to the court, is “an offensive right—a ... byju\\u0027s exam prep formerly gradeupWebDefine indemnity. indemnity synonyms, indemnity pronunciation, indemnity translation, English dictionary definition of indemnity. n. pl. in·dem·ni·ties 1. Security against … byju\\u0027s exam prep catWebAn indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be … byju\\u0027s exam prep for pcWebOct 3, 2024 · Indemnity health insurance plans are healthcare plans that allow you to choose a doctor, healthcare professional, or hospital. An indemnity health insurance plan does not require you to choose a primary care doctor and allows you to self-refer to specialists, meaning you don't need a referral. byju\u0027s exam prep scholarship testWebindemnity meaning: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more. byju\u0027s exponents and powers class 7Webindemnity noun [ C/U ] law us / ɪnˈdem·nɪ·t̬i / protection against possible damage or loss, esp. a promise of payment, or the money paid if there is such damage or loss (Definition … byju\u0027s exam prep gate fees