Indemnification: meaning, definitions and examples
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indemnification
[ ɪnˌdɛmnɪfɪˈkeɪʃən ]
legal term
The action of indemnifying someone against harm, loss, or damage; the act of compensating for a loss suffered by another party.
Synonyms
compensation, protection, reimbursement
Examples of usage
- Companies often provide indemnification to their directors and officers for legal expenses incurred in the course of their duties.
- The insurance policy included an indemnification clause to protect the policyholder from financial losses.
finance
The protection or insurance against possible financial losses.
Synonyms
Examples of usage
- The investor sought indemnification from the financial institution in case of any unexpected market downturns.
- The contract included a clause for indemnification of any losses incurred during the project.
Translations
Translations of the word "indemnification" in other languages:
🇵🇹 indenização
🇮🇳 क्षतिपूर्ति
🇩🇪 Entschädigung
🇮🇩 ganti rugi
🇺🇦 відшкодування
🇵🇱 odszkodowanie
🇯🇵 補償 (ほしょう)
🇫🇷 indemnisation
🇪🇸 indemnización
🇹🇷 tazminat
🇰🇷 배상 (賠償)
🇸🇦 تعويض
🇨🇿 odškodnění
🇸🇰 odškodnenie
🇨🇳 赔偿 (péicháng)
🇸🇮 odškodnina
🇮🇸 bætur
🇰🇿 өтемақы
🇬🇪 ანაზღაურება
🇦🇿 təzminat
🇲🇽 indemnización
Word origin
The word 'indemnification' originated from the Latin word 'indemnificare', which means 'to secure against damage or loss'. The concept of indemnification has been present in legal and financial practices for centuries, aiming to protect individuals and entities from potential risks and liabilities. Over time, indemnification clauses have become common in contracts, insurance policies, and various agreements to provide a sense of security and compensation in case of unforeseen circumstances.
See also: indemnifiable.