Indemnify - Law Dictionary Search Results
Home Dictionary Name: indemnifyindemnify
indemnify -fied -fy·ing [Latin indemnis unharmed, from in- not + damnum damage] 1 : to secure against hurt, loss, or damage 2 : to compensate or reimburse for incurred hurt, loss, or damage in·dem·ni·fi·er n ...
Indemnity
Indemnity, a contract, express or implied, to keep a person harmless from loss which that person may incur by reason of some act, omission or event. It differs from a guarantee which requires a writing under s. 4 of the Statute of Frauds in that the latter guarantee contemplates the primary liability of a third person. as pointed out by Anson on Contracts, a form of indemnity may be illustrated by 'If you will supply goods to A. I will see you paid.' A guarantee, if 'A. does not pay you, I will.' There is, as a rule, a right of subrogation to all the remedies available to the person indemnified under an indemnity available to a person indemnifying-a guarantor has the right of subrogation as well as a right of recourse against the person guaranteed unless otherwise agreed. A great number of indem-nities are implied at Common Law or statute, and the contract extends to all the loss suffered and is not limited in amount as a contract to pay a sum of money is limited. As to implied indemni...
indemnification
indemnification 1 a : the action of indemnifying b : the condition of being indemnified 2 : indemnity ...
Indemnification
The act or process of indemnifying preserving or securing against loss damage or penalty reimbursement of loss damage or penalty the state of being indemnified...
Executed consideration
Executed consideration, a consideration which is executed before the promise upon which it is founded is made, as where A. bails a man's servant, and the master afterwards promises to indemnify A.; but if a man promise to indemnify A. in the event of his bailing his servant, the consideration is then executory. With respect to an executed consideration, the rule is, that if it were not at the precedent request, express or implied, of the promiser, but a merely voluntary courtesy, it will not suffice to support a promise; therefore, in the first example, the promise would not be binding unless the bailing were at the master's precedent request. See notes to Lampleigh v. Brathwait, (1616), 1 Sm. L.C., and CONSIDERA-TION; CONTACT....
Fidelity, fidelity insurance gurantee
Fidelity, fidelity insurance gurantee, 'Fidelity' according to dictionary means faithfulness, loyalty. In insurance terminology it is understood as assurance to indemnify against loss consequent upon the dishonesty or default. Usually the assured and the person whose fidelity is assured stand to each other in relation of employer and employee. As the use of the word 'fidelity' indicates, 'it is a policy intended to protect the assured against the contingency of breach of fidelity on part of a person in whom confidence has been placed'. It is a contract whereby, for a consideration, one agrees to indemnify another against loss arising from the want of honesty, integrity or fidelity of an employee or other person holding a position of trust. Fidelity Guarantee is thus different from contingency guarantee. The insurance under it is for honesty, against negligence or for being faithful and loyal. The protection afforded is different than normal insurance policies. Its consequences and enfo...
Non damnificatus
Non damnificatus (not injured). This was a plea in an action of debt on an indemnity bond, or bond conditioned 'to keep the plaintiff harmless and indemnified,' etc. It was in the nature of a plea of performance; being used where the defendant meant to allege that the plaintiff had been kept harmless and indemnified, according to the tenor of the condition, Steph. Plead., 7th ed., 300-301. See now PLEADING....
Policy of insurance
Policy of insurance, a contract between A. and B., that upon A.'s paying a premium equivalent to the hazard run, B. will indemnify or insure him against a particular event. See INSURANCE.The (English) Policies of Assurance Act, 1867, enabled assignees of life policies to sue thereon in their own names. The (English) Policies of Marine Assurance Act, 1868, made a like provision in regard to marine policies. See also CHOSE.It includes:(a) any instrument by which one person, in consideration of a premium, engages to indemnify another against loss, damage or liability arising from an unknown or contingent event.(b) a life-policy, and any policy insuring any person against accident or sickness, and any other per-sonal insurance. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (19); Rajasthan Stamp Act, 1999, s. 2(27)]...
indemnitee
indemnitee : one that is indemnified ...
indemnitor
indemnitor : one that indemnifies ...
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