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 ?
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.
Wrongful calling of guarantee indemnifies a company for the value of its bid bonds, performance bonds, prepayment bonds and retention bonds posted in support of contracts entered into in foreign markets.
Return Assured has developed a proprietary B2C and B2B value-added "Return Seal of Approval" for the electronic retail community that vets retailers with high standards and then indemnifies the consumer with a "no-hassle" guarantee in support of that particular retailer's return and customer service policy.