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What is the difference between comprehensive insurance policy and third party insurance policy?
Demiolabode
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.
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What is the difference between comprehensive and third party insurance?
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.
If you total your car after your insurance is canceled will GAP insurance still protect you?
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What does comprehensive insurance cover?
Can you recommend a UK insurance company that deals with comprehensive insurance policy for a consigment from Asia to Europe
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Which insurance policy covers hail damage to an automobile?
Comprehensive
What are the difference between the Insurance policy and insurance certificate?
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What is the difference between a Proposer and the Insured?
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What does comprehensive car insurance include?
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What is the difference between a health insurance plan and a health insurance policy?
There is no difference. These are just two different terms referring to the same thing.
What is the difference between exclusions and endorsements in an insurance policy?
endorsements are simple exclusions arent.
What is the difference between insured and insurer?
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What are the difference between the marine Insurance policy and insurance certificate?
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
