Question

What is the definition of indemnity?

Answer 1

Indemnity refers to a security or protection against a loss or other financial burden. Insurance on something is another way to explain indemnity, when you purchase insurance on an item you are protecting yourself incase something happens to the item in the way of loss or broken.

Answer 2

Explanation:

Indemnity refers to the compensation or reparation of any damage committed by third parties. Thus, it is a punishment whose purpose is compensation for any third party act that may harm the indemnified person. For example, an indemnity for moral damages may lead the accused to pay a monetary amount to the victim to repair the damage.