Indemnify

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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 ?
If the seller indemnifies the buyer for the related tax exposure, the buyer would record a $20 indemnification asset even though no liability is presented.
Indemnifies Client from Liability Related to Compliance with Data Security Regulations for End-Of-Life IT Assets
The insurer indemnifies the trustee, LaSalle Bank National Association, for the benefit of the noteholders for any periodic loss with respect to each payment date.