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Warning
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LSDefine
Simple English definitions for legal terms
indemnity
Read a random definition: informal probate
A quick definition of indemnity:
Indemnity: Indemnity is a type of insurance that helps protect you from losing money or things if something bad happens. It's like having a safety net that catches you if you fall. When you have indemnity, someone promises to pay you back if you lose something valuable. This can be money, property, or even your rights. It's important to have indemnity so you don't have to worry about losing everything if something goes wrong.
A more thorough explanation:
Indemnity is a type of insurance that covers a wide range of damages and losses. It is an agreement between two parties where one party promises to compensate the other party for any potential loss or damage.
For example, if you have car insurance, your insurance company will indemnify you if you get into an accident and your car is damaged. They will either pay you cash to cover the cost of repairs or replace your car entirely.
Indemnity can also refer to legal exemption from penalties for unconstitutional or illegal actions. This is typically granted to public officers.
For example, if a police officer is sued for using excessive force during an arrest, they may be indemnified by their department. This means that the department will cover any damages awarded to the plaintiff, rather than the officer having to pay out of their own pocket.
Overall, indemnity is a way to protect individuals and organizations from potential financial losses due to unforeseen circumstances.