What is the term used for something given to make amends for a loss?

The correct term for something given to make amends for a loss is "Compensation." This term encompasses various forms of financial or material restitution aimed at offsetting the negative impact experienced by an individual or entity due to a loss or injury. In legal and business contexts, compensation can involve payments for damages, wages for work performed, or any form of restitution intended to restore a party to their pre-loss condition to the greatest extent possible.

While the other terms might seem relevant, they have distinct meanings that do not capture the broader implications of compensation. "Reparation" typically refers to compensation specifically made by a nation to another for damages caused by war or other actions, and "Redress" is more aligned with the act of correcting or remedying a wrong rather than the compensation itself. "Indemnity" implies a formal agreement usually related to insurance, where one party protects another from financial loss. Therefore, "Compensation" stands out as the most appropriate term for amends pertaining to loss.