How do you use indemnity in a sentence?
Indemnity in a Sentence 🔉
- After Janet received several speeding tickets, the cost of her indemnity insurance skyrocketed.
- The indemnity policy will protect the doctor in case of a malpractice suit.
- The criminal’s deal with the prosecutor was his indemnity from a lengthy prison sentence.
What is indemnity answer in one sentence?
Definition: Indemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums.
What does it mean to indemnity someone?
To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.
How do you say indemnity?
Break ‘indemnity’ down into sounds: [IN] + [DEM] + [NUH] + [TEE] – say it out loud and exaggerate the sounds until you can consistently produce them.
What is an indemnity agreement?
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.
What does indemnity and guarantee mean?
Indemnity is when one party promises to compensate the loss occurred to the other party, due to the act of the promisor or any other party. On the other hand, the guarantee is when a person assures the other party that he/she will perform the promise or fulfill the obligation of the third party, in case he/she default.
What happens if I indemnify someone?
In an indemnity agreement, one party will agree to offer financial compensation for any potential losses or damages caused by another party, and to take on legal liability for whatever damages were incurred.
What is indemnity bond?
Meaning of indemnity bond in English a legal agreement in which a financial organization promises to make a payment to an organization that has lent money if they do not get the loan back: Lenders reduce their risk by using indemnity bonds for mortgages over 70-80 % of the value of the property.
What does indemnity insurance cover mean?
The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit—usually the amount of the loss itself. Insurance companies provide coverage in exchange for premiums paid by the insured parties.