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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 nations that where previously British colonies it is usually the case that every vehicle should be covered under a basic third-party liability plan or ACT policy. ACT insurance refers to the British Road Traffic Act 1930, which laid out the basic requirements for motor insurance at that time. ACT insurance will only cover the insured for any ...
Third party liability may refer to: Vicarious liability, a legal doctrine; Third-party liability in insurance This page was last edited on 7 ...
An agent may also be liable to a third party if they lack the authority to contract for a principal. The agent may escape liability in this scenario if the third party knows the agent lacks authority, the principal ratifies/affirms the contract, or the agent notifies the third party of his lack of authority. [6]
Third-party insurance - A third party may claim under an insurance policy made for their benefit, even though that party did not pay the premiums. Contracts for the benefit of a group , where a contract to supply a service is made in one person's name but is intended to sue at common law if the contract is breached; there is no privity of ...
A current ratio below 1.0 suggests that a company’s liabilities due in a year or less are greater than its assets. A low current ratio could indicate that the company may struggle to meet its ...
A contract made in favor of a third party is known as a "third-party beneficiary contract." Under traditional common law , the ius quaesitum tertio principle was not recognized, instead relying on the doctrine of privity of contract , which restricts rights, obligations, and liabilities arising from a contract to the contracting parties (said ...
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related to: basic third party liabilities means