third-party insurance

  

Definition

Liability insurance purchased by an insured (the first party) from an insurer (the second party) for protection against the claims of another (the third) party. The first party is responsible for its own damages or losses whether caused by itself or the third party.

Use this term in a sentence

  • Third-party car insurance is the most popular type of third-party insurance because it is a basic option that protects you against claims from a third party.

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