Indemnify

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Indemnify

Used in insurance policy agreements as to compensation for damage or loss. Hold harmless
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
While improving operator knowledge and skill may be helpful, the only way of performing obstetric ultrasound and avoiding the financial risk of a missed abnormality is by transferring that risk to either an insurer or a not-for-profit indemnifier. Now one has to add appropriate indemnity to the requirements for performing obstetric ultrasound!
Thus, she can expect her indemnifiers to fully defend her honor, without unnecessarily diverting her energies.
The new requirement is that private health care practitioners must sign up for cover using only insurers or indemnifiers registered under Section 7 of the Short-term Insurance Act, something the MPS, which is not a short-term insurer, cannot do.