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Indemnity is a legal principle that involves compensation for loss or damage incurred by one party, typically by another party who has agreed to protect them against such losses. In insurance, it refers to the insurer's obligation to cover the policyholder's losses as specified in the policy terms. This concept ensures that the insured party is restored to their original financial position without profit from the situation. Indemnity is commonly used in contracts and insurance agreements to manage risk and liability.
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