What is the meaning of Indemnity?

Security from damage, loss, or penalty.

An obligation or duty upon an individual to incur the losses of another.

Repayment; compensation for loss or injury.

The right of an injured party to shift the loss onto the party responsible for the loss.

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.

Source: wiktionary.org