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OTHER WORDS FROM indemnificationin·dem·nif·i·ca·to·ry [in-dem-nif-uh-kuh-tawr-ee, -tohr-ee], /ˌɪn dɛmˈnɪf ə kəˌtɔr i, -ˌtoʊr i/, adjectivepre·in·dem·ni·fi·ca·tion, noun
Words nearby indemnification
What does indemnification mean?
Indemnification is the act of providing protection or security against potential damages or loss or compensating someone for damages or money spent.
Indemnification is the act of indemnifying—providing indemnity. Indemnity is the protection. Insurance coverage indemnifies a person by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents. Indemnification is commonly used in legal contracts to secure protection against being sued or held responsible for an accident.
Indemnification can also refer to the state of being indemnified, or to the actual compensation paid.
Example: Insurance companies are in the business of indemnification—you pay them a small amount so they can pay you a big amount if something bad happens.
Where does indemnification come from?
The first records of the word indemnification come from around the 1730s. It ultimately derives from the Latin indemni(s), meaning “without loss.” This is formed from the prefix in–, which has a negating effect equivalent to un-, and demn-, from damnum, meaning “loss.”
The words indemnity, indemnify, indemnification, indemnitee (the one who receives the protection), and indemnitor (the one who provides the coverage) are used in the context of insurance and legal contracts. Insurance coverage indemnifies the policyholder, meaning it protects against financial liability for damages or loss. Damages refers to things that happen to a piece of property like a car or house, or to injuries suffered by a person. Loss refers to things like the loss of income one might experience because they can’t work. If an indemnitee is indemnified for these things, they get compensated by the indemnitor for (at least part of) the money lost or spent. The process of compensation or the compensation itself is indemnification.
In corporate law, an indemnity agreement can indemnify a company’s executives. This kind of indemnification protects them against personally being sued if the company is sued.
Indemnify is sometimes used in a metaphorical way to mean “to protect,” as in Your wealth will not indemnify you from disease. Indemnification can also be used in this sense.
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What are some other forms related to indemnification?
What are some words that share a root or word element with indemnification?
What are some words that often get used in discussing indemnification?
How is indemnification used in real life?
Indemnification is typically used in a technical way in the context of insurance and legal contracts.
Contract tip – The indemnity clause (part 3)
A party providing indemnification is essentially acting as an insurance company for the other party. Any costs, expenses, or fees paid by the indemnitee resulting from the actions of the indemnitor shall be reimbursed by indemnitor
— Law Office of James D. Lynch, PLLC (@JimLynchLaw) December 27, 2017
Gurley has never been involved in a transaction that had an indemnification clause.
"For me, it was atypical."
— Biz Carson (@bizcarson) February 8, 2018
The Indemnitor would make a great comic book character. Indemnifying wherever indemnification is due! The Indemnitor!
— Melissa Munson (@MelissaAMunson) June 2, 2020
Try using indemnification!
Is indemnification used correctly in the following sentence?
The indemnification process may take time, but you will be compensated.
Example sentences from the Web for indemnification
I was on the hook for all kinds of indemnification in case something went wrong, because this wasn’t standard testing.How Much Do We Really Care About Children? (Ep. 447)|Stephen J. Dubner|January 14, 2021|Freakonomics
He must go to London, and take what indemnification he might in the domestic circle previously to starting.
It then became necessary to ascertain the amount of indemnification due to the injured party.The Papers And Writings Of Abraham Lincoln, Volume Six|Abraham Lincoln
We must look to Jack for indemnification, as I think it was the plan that he should live at Lickinghole.
An estimate of the gross amount might be made, and a corresponding sum appropriated for indemnification.The Critical Period of American History|John Fiske
As an indemnification for the loss of their slaves, the owners obtained, on the average, about one-third of the value of them.The Cape and the Kaffirs|Harriet Ward