Indemnity meaning

Find Indemity Insurance and Related Articles. Word Origin late Middle English: from French indemnite, from late Latin indemnitas, from indemnis ‘unhurt, free from loss’. What exactly does indemnity mean? Definition of indemnity. Indemnity is protection or security against damage or loss , or compensation for damages or money spent.

Insurance coverage provides indemnity to a person (or organization) by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents.

When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party (indemnity holder) due to the acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to hold harmless or save harmless. Indemnity Claims means all third party claims or actions, threatened or file whether groundless, false, fraudulent or otherwise, that directly or indirectly relate to the subject matter of an indemnity , and the resulting losses, damages, expenses, attorneys’ fees and court costs, whether resulting from a settlement or otherwise, and whether such claims or actions are threatened or filed prior to or after the termination of this Agreement.

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See the dictionary meaning , pronunciation, and sentence examples.

Indemnify definition is - to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of indemnify. As explained in our definition of the indemnity health plan above, in an indemnity plan, you have the freedom to choose your doctor, specialist, or hospital with few, if any limitations. Indemnity plans allow you to direct your own health care and visit almost any doctor or hospital you like.

The insurance company then pays a set portion of your total charges. Indemnitor definition , a person or company that gives indemnity. Hospital indemnity insurance pays a fixed-benefit at set intervals, such as per day, week, month, visit or event, rather than a percentage of the bill, for covered hospital stays and services.

It should be considered a supplement to, rather than a replacement for, major medical insurance and can help cover out-of-pocket costs. Register and Subscribe now to work with legal documents online. Users are seeing under days.

Growing Thicker Stronger Hair Fast. Indemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums. According to Oxford University Press, the word indemnity originates from French indemnite, from late Latin indemnitas, and from indemnis, meaning ‘unhurt, free from loss’. An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

Indemnity clauses are tricky yet very useful contractual provisions that allow the parties to manage the risks attached to a contract, by making one party pay for the loss suffered by the other. The scope and effect of an indemnity depends mostly on the intention of the parties and the way it is drafte so make sure you pay great attention to.

The term comes from a late Middle English word meaning unhurt, free from loss. The principles described in the terms indemnity and indemnify are interrelated so these terms are defined and explained together. Indemnity has the general meaning of hold harmless; that is, one party holds the other harmless for some loss or damage. The phase “defen indemnify, and hold harmless” is found in many, if not most, contracts with liability allocation provisions, across multiple industries. However, many parties do not have a complete understanding of what, exactly, these words mean.

The meaning of all three terms varies on a state-by-state basis. An indemnity protects the insured person or entity against damage, loss or hurt. Indee some houses have issues that have been there for years.

Indemnity insurance benefits the new owner so there is an argument for the buyer footing the bill. Every new owner will assess the risk afresh and decide if they want the added protection of indemnity insurance. Create Your Indemnity Form in the Comfort of Your Home.

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