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What is an indemnity?

What is an indemnity? Here are some definitions.

Noun
  1. Security from damage, loss, or penalty.
  2. (law) An obligation or duty upon an individual to incur the losses of another.
  3. Repayment; compensation for loss or injury.
  4. (law) The right of an injured party to shift the loss onto the party responsible for the loss.
  5. (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.
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Examples
A farmer with APH insurance coverage receives an indemnity if the harvested yield is less than the yield guarantee.
The insurer could not sue them in the owner's name because they were all entitled to indemnity under the same policy.
Substantial indemnity costs are reserved for cases involving reprehensible, scandalous or outrageous conduct.
In its defence the Third Party has admitted liability by the defendant but denies any obligation for contribution or indemnity.
In other words, the efforts of the defence counsel on a partial indemnity basis are justified.
Charles relinquished his claim to Burgundy in return for an indemnity of two million gold ecus from Francis.

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