Who is First Party? What is Thrid Party Liability? What is desk Investigation? What is indemnity?

Question

Accepted Answer

First Party is the policyholder or the insured person who purchases the insurance policy.

First Party is the person who buys the insurance policy.
They are also known as the policyholder or the insured person.
In case of a claim, the First Party is the one who receives the benefits from the insurance company.
For example, if John buys a car insurance policy, he is the First Party.
If his car gets damaged in an accident, John will receive the benefits from the insurance company.

Accepted Answer

The owner whose name vehicle is registered and he/she has got Comprehensive insurance policy for his/her vehicle with Add On coverage which are optional but third party liability insurance is compulsory to cover risk of other person's life, injuries and property damage. Indemnity means a person should be indemnified and kept is same financial situation as he was before loss which is happend due to perils covered under the policy.

Who is First Party? What is Thrid Party Liability? What is desk Investigation? What is indemnity?

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