why generally it is called as third party insurance when it is paid second person?

Answer 1

This is why: The first two parties are (1) the injured party, and (2) the party that caused the injury. If you caused the injury and have liability and/or property damage coverage through a company that is not yours, that company is the third party.

Answer 2

in a third party insurance a person guarantees that if the person responsible to pay does not pay up then he will do so there fore it is called a third party insurance. The first party is the person or company to which the money has to be payed and the second party is the person(third party is usually for a person not a company) who has to actually pay.

Answer 3

The common expression "third party" relates to a traditional business agreement between party one and party two, usually the "seller" of a product or service and the "buyer" of same. I just named 2 parties. You mentioned another person making the payment. That is the "third party," meaning someone other than party one or party two. The term is used in many industries.

Answer 4

This is the term used, first and second party is the insurance company or the person insured in any order.

So other party is the third party.

Answer 5

bcoz the insurance payer is not the insured who gets the claim,that is you and insurance company first and second party,the insurance claim is given to the victim that is the THIRD PARTY.,that's why it is so called.

Answer 6

Neither the hitter paid nor he receives.It is paid by someoneelse and received by someother else. There by it is called 3 rd party.

Answer 7

i think you are the second person and the insurance company is the first person.
therefore, anyone you smash is the third person.

maybe.

??????

Answer 8

Check out RTO information & forms section with http://www.indimoto.com might be of some help