The terms "guarantee" and "indemnity" basically mean the same thing and are interchangeable.

Name: The terms "guarantee" and "indemnity" basically mean the same thing and are interchangeable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The terms "guarantee" and "indemnity" do not mean the same thing and are not interchangeable. A guarantee is a promise to pay a debt or fulfill an obligation if the original debtor or obligor fails to do so, while an indemnity is a promise to compensate for loss or damage that may occur.

The Terms "Guarantee" and "Indemnity" Basically Mean the Same Thing