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What is the difference between comprehensive insurance policy and third party insurance policy?
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?
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
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
What is the difference between term and whole life insurance if there is any?
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.
Which insurance policy covers hail damage to an automobile?
Comprehensive
What is the difference between a Proposer and the Insured?
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
What are the difference between the Insurance policy and insurance certificate?
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.
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 does comprehensive car insurance include?
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.
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?
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.
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.
