INDEMNITEE Meaning and
Definition
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An indemnitee is a term used to refer to an individual or entity that is protected or entitled to be compensated for any loss, damage, or liability incurred as a result of a specific event or action. This term is most commonly used in legal and insurance contexts, especially in indemnification clauses or agreements.
In legal terms, an indemnitee is typically the party who is the beneficiary of an indemnity clause. This clause is a provision in a contract or agreement designed to protect the indemnitee from any financial loss or legal liabilities arising out of the actions, omissions, or negligence of another party. Essentially, the indemnitee is the party that will be safeguarded and have any losses reimbursed or compensated by the indemnitor, the party who assumes the responsibility for potential liabilities.
The concept of indemnitee is also frequently encountered in insurance policies. In this context, an indemnitee is an individual or organization entitled to seek financial protection or reimbursement from an insurance company for any losses or damages suffered. For example, in a liability insurance policy, the insured party would be considered the indemnitee, while the insurer would be responsible for indemnifying them from any claims or legal actions arising from covered incidents.
Therefore, an indemnitee can be viewed as the party granted protection or compensation in a contract or insurance agreement, shielding them from financial and legal consequences resulting from specific events.
Common Misspellings for INDEMNITEE
- undemnitee
- jndemnitee
- kndemnitee
- ondemnitee
- 9ndemnitee
- 8ndemnitee
- ibdemnitee
- imdemnitee
- ijdemnitee
- ihdemnitee
- insemnitee
- inxemnitee
- incemnitee
- infemnitee
- inremnitee
- ineemnitee
- indwmnitee
- indsmnitee
- inddmnitee
- indrmnitee
Etymology of INDEMNITEE
The word "indemnitee" is derived from the Latin word "indemnitas", which means "security" or "protection against damage or loss". It is formed from the Latin prefix "in-", meaning "not", and "damnus", meaning "harm" or "loss". Over time, the word "indemnitas" evolved into various forms in different languages, and in English, it eventually became "indemnitee". The term "indemnitee" refers to an individual or entity that is entitled to receive compensation or protection from damages or losses under an indemnity agreement or insurance policy.
