indemnity

noun

1. (countable, uncountable)Security from damage, loss, or penalty.

   “Near-synonyms: insurance, assurance”

   “And all this, it will be said, the Duke of Orleans might have prevented by an effective treaty, securing an act of indemnity.”

2. (countable, uncountable)An obligation or duty upon an individual to incur the losses of another.

   “Near-synonyms: liability, responsibility”

3. (countable, uncountable)Repayment; compensation for loss or injury.

   “Near-synonyms: reparations, recompense, recompensation; see also Thesaurus:compensation”

   “It would have been wise to modify rather than revoke the proclamation. But the Allies went further. Now, for the first time, were heard the words of indemnity for the past, and security for the future.”

4. (countable, uncountable)The right of an injured party to shift the loss onto the party responsible for the loss.
5. (countable, uncountable)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.