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The transfer of the benefit of an insurance contract to an apparently unrelated third person is known as?
The transfer of the benefit of an insurance contract to an apparently unrelated third person is known as "assignment." In an assignment, the policyholder (assignor) transfers their rights under the insurance policy to another party (assignee), who then becomes entitled to the benefits of the contract. This process typically requires the consent of the insurer and may be subject to specific terms outlined in the policy.
If a rental home insurance provider wants to settle a third party injury claim can you insist they instead defend the case if there is no fault in industry code to the property where the injury happen?
No, Your Insurance contract gives the Insurance company the right to settle or defend whichever is cheaper. If the insured property owner interferes with the companies decisions you could forfeit all coverage under your policy for that claim and even get your policy cancelled.
How can you cancel a life insurance policy on you if there is no more insurable interest but you are not the owner of the policy?
Under insurance law, the contract owner has all the "rights." So, I know of no way to cancel the contract w/o the owner's consent. However, you may wish to contact your state insurance department and/or the insurance company just to be sure. Alternately, you might offer to purchase the contract from the current owner, as is often done with business insurance "buy-sell" arrangements. Best of luck . rjBeeg rbeeg@optonline.net
What is real estate wholesaling?
Wholesaling is putting a property under contract and assigning that contract to buyer for a fee.
Would likely be covered under homeowners insurance but not by renters insurance?
Damage to anything covered by the landlord's insurance, because the landlord owns the property not the renter. Such damage would be covered under homeowner's insurance, because the homeowner owns the property.
What is covered under third party car insurance?
There are several different types of third party car insurance, including fire damage and theft. The specific types of coverage in a given contract can be arranged with an insurance agent.
Under a Service Contract with employees represented by a Union Is it permissible for the union to collect Health and Welfare benefits and not offer a third party insurance or pay the employee?
this should be out-lined in the contract. did you read the contract before you voted on it ??
How does a third party accept novation?
The third party adopts the rights and obligations of one of the parties under the old contract
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.
Can a person insure a car of their parents?
No. The insurance must be in the name of the owner of the vehicle. An insurance policy is a legally binding contract and if one party does not own the vehicle then the policy and thus the contract is void. The insurance company cannot pay a claim on a vehicle if the owner is not party to the contract. They also cannot legally pay the owner because they are not an insured person under the contract.
What is a third party payor?
An organization other than the patient, first party or health care provider, second party, involved in the financing of personal health services (insurance company).
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 are the roles of the principal and the obligee under surety insurance?
The principal is the party who agrees to perform an obligation. For example, a builder may contract to construct a building. The obligee expects the principal to fulfill a contract
I have insurance and hit a car from behind they have no insurance?
The element of the third party comes in the picture in scenarios where the other vehicle is damaged due to our vehicle which is under the insurance plan. The third part insurance helps to cover these losses and secure the damage for both the vehicles. Turtle mint provides a complete range of plans which provides comprehensive and third party coverage along with other coverages like zero depreciation, passenger insurance, etc.
Can a 17 year old purchase his own auto insurance in NJ?
Most insurance companies would not allow this to happen because firstly an insurance application and policy together make up a legally binding contract. A person under 18 years of age are not able to be party to a legally binding contract.
When was third party beneficiary was introduced into the basic policy?
The concept of third-party beneficiaries has its roots in contract law, with significant development in the 19th century. It was more formally recognized in the United States with the Restatement (Second) of Contracts, published in 1981, which clarified the rights of third parties to enforce contracts made for their benefit. This framework allows a party who is not directly involved in a contract to claim benefits from it under certain conditions.
Why a party can be permit to discharge from a contract under the substantial performance?
Because there was a deficit in the way they performed under the contract
