Indemnify

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Related to indemnifier: indemnitee, indemnitor

Indemnify

Used in insurance policy agreements as to compensation for damage or loss. Hold harmless

Indemnification

The collection of money for damages. For example, indemnification occurs in insurance when the policyholder receives money to compensate for an insured event. Likewise, a company may receive indemnification from an employee, especially a major executive, if the company suffers damages in a lawsuit as a result of the employee's illegal or unethical actions.
References in periodicals archive ?
A non-profit mutual indemnifier is not burdened with having to secure a profit for shareholders, as there are no shareholders.
It has among the strongest financial reserves of any health care indemnifier globally, with assets available to meet claims and other costs standing at R16.
Obviously the plaintiffs stand a better chance of collecting from insurers, since the doctors have presumably lost their jobs and one is said to have left the country, but it also shifts the expense away from the culpable parties to their indemnifiers, who will then pass on the cost to their other clients.