INDEMNITY
Undertaking given to compensate for damages or loss. Legally speaking, it may also pertains to an exemption from contingent liability. Its concept is based on a contractual agreement between two parties where one party agrees to settle the possible losses or damages caused by the other party. Insurance contract is an example of indemnity, whereas the insurer agrees to compensate the insured for any losses or damages, in exchange for premiums paid by the insured to the insurer.
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