Reimbursement vs. Indemnity
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Difference Between Reimbursement and Indemnity
Reimbursementnoun
The act of compensating someone for an expense.
Indemnitynoun
Security from damage, loss, or penalty.
Reimbursementnoun
compensation paid (to someone) for damages or losses or money already spent etc.;
he received reimbursement for his travel expensesIndemnitynoun
(legal) An obligation or duty upon an individual to incur the losses of another.
Indemnitynoun
Repayment; compensation for loss or injury.
Indemnitynoun
(legal) The right of an injured party to shift the loss onto the party responsible for the loss.
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Indemnitynoun
(insurance) A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
Indemnitynoun
protection against future loss
Indemnitynoun
legal exemption from liability for damages
Indemnitynoun
a sum of money paid in compensation for loss or injury
