Indemnification
/ɪnˌdemnɪfɪˈkeɪʃn/
Definition 1 of 2
Pro Tip 1/3Insurance Focus
Indemnification often relates to insurance where it describes being compensated for a loss or damage.
The policy offers indemnification to homeowners impacted by natural disasters.
Pro Tip 2/3Legal Protection
Indemnification can also apply in legal contexts to protect a party from liability or financial loss.
Under our contract, the supplier must provide indemnification if their product causes harm.
Pro Tip 3/3Loss Recovery
The term suggests a sense of restoring or recovering from a loss, not just a simple payment.
The indemnification I received helped rebuild my store after the fire.
Compare with
CompensationPaymentRedressReimburseRemunerateReparationRestitutionRestoration
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