What is the Definition of Third-Party Coverage?

What is the Definition of Third-Party Coverage?

Liability coverage purchased by the policyholder as a protection against possible lawsuits filed by a third party. The insured and the insurer are the first and second parties to the insurance contract. (See Firstparty 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 Third-Party Coverage?

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


What is the meaning of Mechanical Breakdown Insurance

premiums attributable to policies covering repair or replacement service, or indemnification for that service, for the operational or structural failure of property due to defects in materials or workmanship, or normal wear and tear. (May cover motor vehicles, mobile equipment, boats, appliances, electronics, residual structures, etc.)


What is the meaning of Medicaid

policies issued in association with the Federal/State entitlement program created by Title XIX of the Social Security Act of 1965 that pays for medical assistance for certain individuals and families with low incomes and resources.


What is the meaning of Medical & Hospital Expenses (Benefits or Claims)

total expenditures for health care services paid to or on behalf of members.


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