What is the Definition of First-Party Coverage?

What is the Definition of First-Party Coverage?

Coverage for the policyholder’s own property or person. In no-fault auto insurance it pays for the cost of injuries. In no-fault states with the broadest coverage, the personal injury protection (PIP) part of the policy pays for medical care, lost income, funeral expenses and, where the injured person is not able to provide services such as child care, for substitute services. (See No-fault; Third-party coverage)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of First-Party Coverage?

What is the Definition of First-Party Coverage?

You can find random definition and meaning of insurance terms below:


Meaning of Primary Company in Insurance Terms

In a reinsurance transaction, the insurance company that is reinsured.


Meaning of Primary Market in Insurance Terms

Market for new issue securities where the proceeds go directly to the issuer.


Meaning of Prime Rate in Insurance Terms

Interest rate that banks charge to their most creditworthy customers. Banks set this rate according to their cost of funds and market forces.


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