indemnity
- 01 C1 Advanced
protection or security against damage or financial loss.
security or protection against a loss or other financial burden. Uncountable in this abstract sense.
Simple“The contract includes an indemnity against any legal costs if the project fails.”
In context“The clause provides a full indemnity for the directors against any personal liability arising from their good-faith decisions during the merger.”
Synonyms - 02 C1 Advanced
money paid to someone to cover the cost of a loss or injury.
compensation for loss, damage, or injury sustained. Countable when referring to specific payments.
Simple“The government paid a large indemnity to the landowners after seizing their property.”
In context“Following the breach of contract, the court ordered the defendant to pay an indemnity sufficient to cover the plaintiff's lost profits.”
Synonyms - 03 C2 Proficiency
the rule that insurance should only return you to your original financial state, not make you richer.
the principle that an insurance policy should restore the insured to their approximate financial position prior to the loss.
Simple“Under the principle of indemnity, you cannot claim more than the house was worth.”
In context“The insurer argued that the claim violated the principle of indemnity, as the payout would have resulted in a significant windfall for the policyholder.”
UsageOften appears in the phrase 'principle of indemnity'.
Synonyms
From late Middle English indempnite, from Middle French indemnité, from Late Latin indemnitās (“security from damage”), from Latin indemnis (“undamaged”), from in- (“not”) + damnum (“damage”).
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.