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What is an indemnity?

What is an indemnity? Here are some definitions.

Noun
  1. Security from damage, loss, or penalty.
  2. (law) An obligation or duty upon an individual to incur the losses of another.
  3. Repayment; compensation for loss or injury.
  4. (law) The right of an injured party to shift the loss onto the party responsible for the loss.
  5. (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.
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Examples
Under the provisions of rule 49.10, the successful parties would ordinarily be entitled to substantial indemnity costs.
Thus, for example, many indemnity insurers will not pay for elective cosmetic surgeries.
Charles relinquished his claim to Burgundy in return for an indemnity of two million gold ecus from Francis.
The instrument regulates the issues of double indemnity and the conditions for allowing and denying extradition.
Insurance is the purchase of an indemnity against the risk of loss caused by a fortuity.
In its defence the Third Party has admitted liability by the defendant but denies any obligation for contribution or indemnity.

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