indemnity definition?

Answer 1

Indemnity is the "act of compensating the loss / damages caused in the event of happening of specified event at a later date". Indemnity is only an assurance / undertaking, and will become a definite liability only in the event of the specified events happening.

For example, the Seller of a Land agrees to indemnify the Buyer , in case of any loss incurred by the buyer at a later date due to any encumbrance or defects in the title. Here, the Seller is giving an assurance and undertaking to bear the losses in case of any disputes or legal claims arising at a later date in respect of the land.

Answer 2

To indemnify someone is to accept any liability that may fall on them by way of compensation, For example let's say that you hired a car. Part of the agreement is an indemnity that the hirer will not be responsible for any damage you cause whilst the car is in you possession. So if you damage the car, even though it belongs to someone else, you have to pay for repairs. Indemnities can also absolve someone from blame or claim. Let's assume that your grandparent has died and that you are the only known surviving relative. If you find they have a bank balance and lay a claim on it the bank will only pay you if you indemnify them against any stronger claim. If. later, a closer relative turns up, such as a long lost uncle and he approaches the bank they will have to pay him as they paid you incorrectly but will invoke the indemnity to claim back the money from you.

Answer 3

Indemnified Definition

Answer 4

Indemnity is the legal philosophy upon which the concept of most insurance policies rests.