Third-party insurance covers claims against the policy holder by someone other than the insurance company. The policyholder is the first party, the insurance company is the second party and the third party is someone that the policy holder may be involved in a dispute with.Know More
When it comes to car insurance, the third party is likely to be someone the policyholder has an accident with. If that happens and the thirdparty blames the policyholder, he or she needs insurance to cover any court, medical or damage costs. Each insurance policy has limits placed on body injury liability and property damage liability. Body injury liability covers medical expenses, lost wages and pain and suffering. Property damage liability covers the cost of damage to property, such as cars, telephone poles or buildings. These limits are the maximum that the insurance company will pay out for.
If the policyholder has a high number of assets or income to protect, it may be worth paying extra to buy extra liability cover. Third-party liability insurance is there to help stop policyholders from losing savings, assets, homes and even future earnings. It is a legal requirement in most U.S. states, and even in states that have no-fault rules, it could protect the policyholder from losing everything that they own.Learn more about Law
The primary benefit of having an insurance policy that covers breeds of dogs considered to be "dangerous," including pit bulls, is protection against lawsuits if the dog bites someone. Not every insurance company offers this type of policy, since certain dog breeds are considered too high risk to insure.Full Answer >
The primary benefit of an umbrella insurance policy is that it extends someone's personal liability coverage beyond what a standard home or auto policy provides. Higher personal liability protection increases the financial coverage in a worst-case scenario and reduces the risks of financial ruin, according to Insurance.com.Full Answer >
The policy owner should contact their insurance company's customer service department by phone or visit their agent in person, to notify of the intent to cancel, states DMV.org. Be sure to ask about any specific cancellation procedures, such as whether the carrier requires a written notice or other signed documentation to complete the process. Check with the local DMV about state laws, as some require policy holders to notify the DMV as well, when cancelling auto insurance.Full Answer >
Globe Life Insurance customers can pay for their policy premiums by using either mail, phone or the company's online portal. Customers looking to pay by phone can call Globe Life, click on the automated option that pertains to payment and be connected to a payment representative.Full Answer >