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Well, accidents can happen at any time or any place. What offers protection against these Accidents?
Insurance is one method to save oneself. This benefit or we should rather say protection that insurance offers is Indemnity.
The dictionary definitions for Indemnity are as follows:
1. Protection or security against damage or loss. (noun)
2. Compensation for damage or loss sustained. (noun)
Usage Examples for Indemnity:
1. The indemnity amount that was paid to the accident victim amounted only to 3000$.
2. The government has offered an indemnity amount to all the victims of the flood.