indemnity

noun

1. 1

   Security from damage, loss, or penalty.

2. 2

   An obligation or duty upon an individual to incur the losses of another.

3. 3

   Repayment; compensation for loss or injury.

4. 4

   The right of an injured party to shift the loss onto the party responsible for the loss.

5. 5

   A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.