indemnification
Americannoun
-
the act of indemnifying; state of being indemnified.
-
something that serves to indemnify; compensation.
- Synonyms:
- indemnity, reparation, amends, payment
Usage
What does indemnification mean? Indemnification is the act of providing protection or security against potential damages or loss or compensating someone for damages or money spent.Indemnification is the act of indemnifying—providing indemnity. Indemnity is the protection. Insurance coverage indemnifies a person by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents. Indemnification is commonly used in legal contracts to secure protection against being sued or held responsible for an accident.Indemnification can also refer to the state of being indemnified, or to the actual compensation paid.Example: Insurance companies are in the business of indemnification—you pay them a small amount so they can pay you a big amount if something bad happens.
Other Word Forms
- indemnificatory adjective
- preindemnification noun
Etymology
Origin of indemnification
First recorded in 1725–35; indemni(ty) + -fication
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
