Indemnity

noun

1. Security from damage, loss, or penalty.
2. An obligation or duty upon an individual to incur the losses of another.
3. Repayment; compensation for loss or injury.
4. The right of an injured party to shift the loss onto the party responsible for the loss.
5. 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.