indemnity

Definition

An expressed or implied contract to compensate an individual for loss or damage; for example, an insurance policy.

Use indemnity in a sentence

We had an indemnity; you owe me for the repairs on this place after that storm, there shouldn't be a question about it.

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They received indemnity that day because they suffered a recent loss and needed some kind of payback for what had happened.

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Jim knew that it would cost the company a fortune to purchase an indemnity against the collapse of the firm's subprime mortgage portfolio.

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accidental death benefit executive indemnity insurance