noun Download 🔗Share Security from damage, loss, or penalty. Examples : "The insurance policy provided an indemnity for any damage to the school's new roof. " insurance law business finance Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share An obligation or duty upon an individual to incur the losses of another. Examples : "The car insurance policy included an indemnity that required the insurance company to cover the damages if I caused an accident. " business finance insurance law Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share Repayment; compensation for loss or injury. Examples : "The insurance company provided an indemnity for the damage to my car. " business finance insurance law economy Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share The right of an injured party to shift the loss onto the party responsible for the loss. Examples : "The insurance policy provides indemnity to the homeowner if a visitor is injured on their property, shifting the financial responsibility for the accident to the insurance company. " right law business finance insurance Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share 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. Examples : "The insurance policy's indemnity clause ensures that after the fire, the family will be financially restored to their pre-fire condition. " insurance business finance economy law Chat with AIVocabulary GamePractice Reading