Third Party


Definition of "Third party"

Person or business indirectly having an interest in an occurrence, transaction, or situation.

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Residential Construction Insurance

Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result ...

Cut-through Endorsement(assumption Of Risk)

Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arra ...

Escrow

Arrangement in which a buyer gives a deed and/ or money to an independent third party (an escrow agent) to retain until specified conditions have been ...

First Party Insurance

Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...

Alcoholic Beverage Control Laws

Same as term Dram Shop Law: liquor liability legislation in 20 states under which a dispenser of alcoholic beverages is held responsible for bodily in ...

Casualty Insurance

Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury an ...

Popular Real Estate FAQ

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. When you put down a deposit on a house, for example, ...

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An easement is the right given by the landowner to use the property. ...

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

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Comprehensive is the most expensive type of homeowners insurance; it covers the most potential damages such as fire damage, water damage not caused by ...

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Wondering how big is an acre?It is common to hear people say that it's almost the size of a football field without both end zones. But sometimes *almo ...

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