ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Detailed explanation-2: -Liability to third parties bodily injury and or death and property damage. Personal accident cover for the owner driver for a specified sum insured.

Detailed explanation-3: -Liability insurance is the type of policy that protects the insured against financial liabilities resulting from injuries to any person as well as property damage. Apart from this, liability insurance provides coverage for any legal cost or debt that the responsible party is found legally guilty of.

Detailed explanation-4: -What are the different types of liabilities insurance available? There are a number of liabilities insurance policy available. These include third party liability, public liability, product liability, employer liability, professional liabilities, industrial risks and so on.

Detailed explanation-5: -What Is Excess Liability Insurance? Excess liability insurance is coverage provided for the big, unexpected events that can have potentially catastrophic results on your business – from auto accidents to products liability claims.