noun๐ShareSecurity from damage, loss, or penalty."The insurance policy provided an indemnity for any damage to the school's new roof. "insurancelawbusinessfinanceChat with AIVocabulary GamePractice Reading
noun๐ShareAn obligation or duty upon an individual to incur the losses of another."The car insurance policy included an indemnity that required the insurance company to cover the damages if I caused an accident. "businessfinanceinsurancelawChat with AIVocabulary GamePractice Reading
noun๐ShareRepayment; compensation for loss or injury."The insurance company provided an indemnity for the damage to my car. "businessfinanceinsurancelaweconomyChat with AIVocabulary GamePractice Reading
noun๐ShareThe right of an injured party to shift the loss onto the party responsible for the loss."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. "rightlawbusinessfinanceinsuranceChat with AIVocabulary GamePractice Reading
noun๐ShareA 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."The insurance policy's indemnity clause ensures that after the fire, the family will be financially restored to their pre-fire condition. "insurancebusinessfinanceeconomylawChat with AIVocabulary GamePractice Reading
