What is the difference between 1st party and 3rd party?
The first party is the insured individual. The second party is the insurance company. The third party is another individual. Therefore, a third-party insurance claim is made by someone who is not the policyholder or the insurance company.
Which is best 1st party or 3rd party insurance?
Third-party insurance covers damages or losses caused only to the third party due to an accident. The first party is eligible to receive a substantial personal accident cover with such policies. The first party can raise a claim against it depending on the terms and conditions.
What are the three types of coverage?
First-party refers to the insured individual, second-party is the insurance provider, and third party is the person towards whom damages are owed by the first-party in an accident.
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