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Meaning of indemnification
The act of compensating someone for a loss or damage.
Etymology of indemnification
The word "indemnification" originates from the Latin words "in" (meaning "against" or "on") and "damnum" (meaning "loss" or "damage"), with the suffix "-fication" added to form a noun.
The term has been used in English since the 15th century to describe the act of protecting someone from financial loss or damage.
Synonyms
Definitions
- The action of compensating someone for a loss or damage.
- * A payment or other form of compensation made to someone who has suffered a loss or damage.
Usage Examples
- The company provided indemnification to the contractors for any losses they might incur during the project.
- * The insurance policy included a clause for indemnification in case of accidental damage to the property.