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No Answer found for What is a first party insurance and what it covers?
In first-party insurance, the benefits are for the insured car and its owner as well as the third party if needed. Third-party insurance policies only take care of damages or injuries/death of third-party property or persons.
The principle of subrogation states that the rights of the insured property would be transferred to the insurance company after the claim is paid. Once the claim is paid to the insured, the damaged property would be owned by the insurance company so that the insured cannot be benefited from both the claim amount and from the proceeds of selling the damaged property.
The main difference between comprehensive and third party insurance is the coverage Third Party car insurance covers injuries or death of third parties due to an accident; Comprehensive covers damage to the car due to natural calamities, personal injuries or death caused in an accident, damages caused in a fire.
Liability insurance is a type of insurance that offers protection to businesses and individuals from risk that they may be held legally or sued for negligence, malpractice or injury. Liability insurance protects the insured customers from legal payouts and costs for which the policyholder is deemed responsible. Liability is the responsibility of the insured customer for the damages caused to the third party due to the negligence, malpractice or injury.
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