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indemnity

in·dem·ni·ty

indemnity

 
pronunciation:
ihn dem nih ti
part of speech: noun
inflections: indemnities
definition 1: insurance against damage, loss, or liability.
Many people have no indemnity to protect them in the case of floods.
definition 2: compensation for damage or loss sustained.
You are entitled to indemnity for the injuries you sustained.
similar words:
compensation, offset, satisfaction
definition 3: a legal exemption from liability or penalty incurred.
Professional indemnity is a must for therapists carrying out the ordinary procedures of their practice.