Third-party insurance covers claims against the policy holder by someone other than the insurance company. The policyholder is the first party, the insurance company is the second party and the third party is someone that the policy holder may be involved in a dispute with.Continue Reading
When it comes to car insurance, the third party is likely to be someone the policyholder has an accident with. If that happens and the thirdparty blames the policyholder, he or she needs insurance to cover any court, medical or damage costs. Each insurance policy has limits placed on body injury liability and property damage liability. Body injury liability covers medical expenses, lost wages and pain and suffering. Property damage liability covers the cost of damage to property, such as cars, telephone poles or buildings. These limits are the maximum that the insurance company will pay out for.
If the policyholder has a high number of assets or income to protect, it may be worth paying extra to buy extra liability cover. Third-party liability insurance is there to help stop policyholders from losing savings, assets, homes and even future earnings. It is a legal requirement in most U.S. states, and even in states that have no-fault rules, it could protect the policyholder from losing everything that they own.Learn more about Law
A wrongful termination suit is based on a situation in which an employer fires someone for reasons involving discrimination, fraud, retaliation or in violation of public policy, explains Nolo. Broken promises and breaches of fair dealing and good faith also constitute wrongful termination.Full Answer >
Property becomes unclaimed after a period of time passes, determined by each state, without an account holder contacting a financial institution or company, states National Association of Unclaimed Property Administrators. The state takes responsibility for the unclaimed property and holds it until the responsible agency finds the rightful owner.Full Answer >
Casualty insurance, also called property liability insurance, differs from other types of insurance in that it helps the policy holder pay for the medical or related expenses incurred by another party instead of paying for the policy holder's expenses. It is commonly included as part of rental or auto insurance.Full Answer >
Critical illness insurance provides a tax-free lump sum payment if a policy holder contracts a covered disease, according to the American Association of Critical Illness insurance. Critical illness insurance is available to individuals and through group plans offered by an employer. This type of insurance was developed in the 1990s to help policy holders cover the costs of such extreme circumstances.Full Answer >