MLchartDataset catalogue

Indemnify

Term · Insurance and risk management · MLC-T-INS-003668

To compensate another party for incurred damages or losses, thereby restoring them to their financial position prior to the loss. This is a fundamental principle in insurance, where the insurer agrees to make the insured whole after a covered event. An indemnity agreement specifies the conditions under which one party will protect another from liability.

Table 1. Record
IdentifierMLC-T-INS-003668
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003668",
  "term": "Indemnify",
  "field": "Insurance and risk management",
  "definition": "To compensate another party for incurred damages or losses, thereby restoring them to their financial position prior to the loss. This is a fundamental principle in insurance, where the insurer agrees to make the insured whole after a covered event. An indemnity agreement specifies the conditions under which one party will protect another from liability.",
  "url": "https://mlchart.com/terminology/insurance/indemnify/"
}

Record 1,729 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.