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A third party can't buy a life insurance policy as they have no insurable interest; such as grandparent's taking out a policy on their grandchildren.
As to taking out a policy when they're dying, the policy plan would prohibit issuing the policy.
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∙ 14y ago
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What is third party insurance?
Third Party Insurance is a Liability insurance purchased by the insured (first party) from an insurance company (second party) for protection against possible suits brought by another (third party).
What is the difference between full coverage and third party auto insurance?
Third party insurance only covers the property of the other person(s) involved in an accident, not your car. Full coverage insurance (or comprehensive insurance) also covers your car if you damage it.
What insurance pay other people for damages caused by you or your property?
In Third Party Motor Car Insurance,when a third person is injured by your car, Insurance Co. will pay him/her under this policy.
What is meant by third party liability in marine insurance?
A person other than the parties to a liability policy (i.e., not the insurer nor the policyholder) is a third party.
Is car insurance on the car or on the driver?
The basic insurance/third-party liability covers third-party persons. But if you have comprehensive car insurance, it not only covers you, third-party persons but also your car.
What is meant by insurance and types of insurance?
Third party car insurance or third party liability is also referred to as the 'act only' cover. It is a mandatory cover under the Motor Vehicles Act to ensure that the driver has adequate insurance coverage to pay for the damages resulting from an accident. The first party over here is the driver of the car, the second party is the insurance company and the third party is any person (injured or who claims damage) involved in the accident. For More
What is the difference between third party and fully comprehensive car insurance?
Third Party Insurance only covers the person you have hit in the accident, you have to pay for all the damage to your own vehicle yourself. Fully Comprehensive covers all your damage and all of the other person's damage.
What is the purpose of third party liability insurance?
Third party liability insurance is useful if you are blamed for having caused an accident and someone wishes to file a claim against you. With third party insurance you are insured for claims up to a predetermined amount.
Who is third party under an insurance contract?
The third party is the injured party to whom any compensation is paid
Is blue cross a third party payers?
Yes, Blue Cross Blue Shield Insurance company is a third party payer just as all medical insurance companies are third party payers.
What are the risks covered by a Third Party Car Insurance Policy?
In third party car insurance policy following risks are covered: Liability when death or injury is unlimited Death or Injury caused to a third party Damage caused to third party property
Does van insurance differ from car insurance?
Like other vehicle insurance, van insurance can be broken down into three general categories. These are Fully Comprehensive Insurance; Third Party, Fire, and Theft Insurance; and third party insurance.
