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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
For instance, in vehicle insurance a typical Personal Auto Policy with additional insured provisions will cover not only the original named insured that purchased the auto policy, but will also cover additional persons while they are driving the auto with permission of the named insured. This is a simple type of blanket additional insurance ...
A compulsory car insurance scheme was introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties while their vehicle was being used on a public road. [1] Ireland replicated the obligation via the Road Traffic Act ...
What is additional interest vs. additional insured? The short answer is that additional interests and additional insureds are parties that can be added to a single insurance policy.
Auto liability coverage insurance covers your financial responsibility when you are at fault in an accident. This coverage helps cover the costs incurred by the other party due to the accident.
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Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
In the case of car insurance, liability refers to damage and injuries that you cause with your vehicle. There are two types of liability offered on most standard car insurance policies: bodily ...