MANAGEMENT

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 insurance is a policy that offers protection to businesses and individuals from risk that they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs for which the policyholder is deemed to be responsible.

Detailed explanation-3: -Ans: Liability insurance covers the medical and legal expenses if the insured is held legally responsible for someone else’s damage to the property as well as an injury sustained by a third party.

Detailed explanation-4: -Liability to third parties bodily injury and or death and property damage. Personal accident cover for the owner driver for a specified sum insured.