Insuranace
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2013
1.what is first party?second party?Third party?
2.Insurance important points?
2.Insurance important points?
14 October 2013
FIRST PARTY AND SECOND PARTY
A first party is the insured person or the person who buys the policy and the second party is the insurance company who agrees to compensate the third party in case the insured person causes any damage to the third person. The insured person pays a premium to the insurance company who agrees to compensate the third party up to the sum insured.
However, in case the damage leads to the death of the third party, the insurance company may need to stretch its sum insured limit.
THIRD PARTY
-----------
The dictionary defines third party as a generic term for any individual who does not have a direct connection or a stake with a transaction, but who may be affected by the transaction.
Third party insurance is a cover for this third party. Known as third party liability cover, it compensates for any damages made to a third party by the first party or the insured person.
more info:
https://www.reliancegeneral.co.in/insurance/health-info/Important-Points-to-consider-before-buying-a-health-policy.aspx
https://businesstoday.intoday.in/story/why-accurate-disclosures-are-must-for-insurance-policies/1/186559.html
A first party is the insured person or the person who buys the policy and the second party is the insurance company who agrees to compensate the third party in case the insured person causes any damage to the third person. The insured person pays a premium to the insurance company who agrees to compensate the third party up to the sum insured.
However, in case the damage leads to the death of the third party, the insurance company may need to stretch its sum insured limit.
THIRD PARTY
-----------
The dictionary defines third party as a generic term for any individual who does not have a direct connection or a stake with a transaction, but who may be affected by the transaction.
Third party insurance is a cover for this third party. Known as third party liability cover, it compensates for any damages made to a third party by the first party or the insured person.
more info:
https://www.reliancegeneral.co.in/insurance/health-info/Important-Points-to-consider-before-buying-a-health-policy.aspx
https://businesstoday.intoday.in/story/why-accurate-disclosures-are-must-for-insurance-policies/1/186559.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- TDS ON CASH WITHDRAWALS...
- Reporting of STCG on Property in ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
