| Definitions | | indemnity |
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noun (indemnities)
- an obligation or duty upon an individual to incur the losses of another.
- repayment
- the right of an injured party to shift the loss onto the party responsible for the loss.
- (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.
Etymology:
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Full Definition of indemnity
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