The insurance policy is a contract: who is the first party and who is the third party?
You’ve probably heard the phrases first party and third party in relation to insurance, right? Do you know what they mean? Maybe. But, for the sake of those who can’t, let’s talk about it. An insurance policy is a contract. A contract is made up of several elements: a meeting of minds, an offer, an acceptance, and an exchange of […]
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