The term, "comprehensive coverage" is usually used in the context of auto insurance. It is usually sold along with collision coverage. While collision coverage pays for the repair of collision-related damage or for the total loss of the vehicle if appropriate, comprehensive coverage is a little different. It it triggered by occurrences other than collisions, such an vandalism. The precise scope of risks for which comprehensive pays is outlined in the policy.
"Third party insurance" is another way of referring to liability coverage. It serves two main purposes:
1. It provides the insured(s) with a defense in claims brought by third parties against the insured(s) resulting from risks contemplated by the policy. Stated otherwise, if a lawsuit is filed, the liability insurer will hire and pay a lawyer, and will pay related court costs, to defend the insured(s). If a claim is asserted, but no lawsuit is filed against the insured, the insurer will try to settle the claim with the other party if the insurer believes that there is fault on the part of the insured and if the claimant sustained compensable damages.
2. It ensures that a party who has sustained legally recognized damages (for example, bodily injuries or property damage) for which the insured is legally responsible, has a source of recovery for those damages. The amount of recovery from the insurer is capped by the amount of liability insurance maintained by the insured.
Comprehensive coverage is covers the interests of the named insured. A third party insurance policy will not cover you. It only covers the interests of that named third party insured.
NO,, GAP Insurance is supposed to pay the difference between what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it's maximum. If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void. GAP coverage only pays in conjunction with your Auto Insurance Policy. No Auto Insurance! No Gap Payment
Can you recommend a UK insurance company that deals with comprehensive insurance policy for a consigment from Asia to Europe
Basically both are same. Even technically they are called insurance policy bonds also.
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
A Comprehensive car insurance policy includes the following: Damages Due to Accidents: If your car will witness any damage due to an accident, nothing to worry about as a comprehensive car insurance policy got you covered. Third Party Losses: In an unfortunate event of third party loss related to person, vehicle or property, your comprehensive policy will take care of the legal and financial liabilities. Car Thefts: In case your car is stolen, your comprehensive car insurance policy will look after the same. Damages Due to Natural/Man-made Disaster: When flood, hurricane, hail storm, tornado, riots, etc attack your car, your comprehensive car insurance policy comes handy. Damages Caused in Fire: If your car catches fire, your comprehensive car policy will pay for the damages.
The insurance policy is the product you have purchased, it has lots of definitions, clauses and limitations. The insurance certificate is issued to you so that you can prove to a third party (eg the police if it is for auto insurance) that you have a valid insurance policy.
the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy
There is no difference. These are just two different terms referring to the same thing.
endorsements are simple exclusions arent.
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.