An insurance policy is a contract. The parties to the contract are the insurance company and the insured. In addition, there may be a beneficiary or what may be referred to as a third party beneficiary of an insurance contract. In a life insurance policy, the beneficiary is the person who receives the death benefits upon the death of a person who was insured. In an automobile insurance policy, the third party beneficiary under a liability policy is the individual who was injured and who receives compensation from that liability insurance policy. The beneficiary or third party beneficiary is not a named party to the insurance contract, but is generally the person who is intended to benefit from the insurance policy. As such that beneficiary may have certain rights under the policy. There are a variety of different types of insurance policies that can be written. The most common types of policies are liability, life insurance, and health insurance policies.
Read more detail on Recent Administrative Law Posts –