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Insurance Policies: Third-Party Ownership

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Insurance Policies: Third-Party Ownership

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Questions and Answers

Who is the owner of most insurance policies?

The insured (correct)

The third-party owner

A business entity

The parent of the insured

What is third-party ownership in insurance?

Ownership by the insured's spouse

Ownership by a business entity

Ownership by someone other than the insured (correct)

Ownership by the insurance agent

Who is a third-party owner in an insurance contract?

A business partner of the insured

An individual not covered by the insurance contract (correct)

The insurance agent

The insured individual

In what types of situations are policies involving third-party ownership mainly written?

For minors or in business situations Signup and view all the answers

Why would a third-party owner be involved in an insurance contract?

To have a legally enforceable right under the contract Signup and view all the answers

In insurance, what is the defining characteristic of third-party ownership?

The insured and the policy owner are different individuals or entities. Signup and view all the answers

Who typically owns insurance policies involving third-party ownership?

The parent of a minor Signup and view all the answers

Which situation would NOT be considered an example of third-party ownership in insurance?

An individual owning a life insurance policy on their own life. Signup and view all the answers

What role does the third-party owner play in an insurance contract with third-party ownership?

They are responsible for paying premiums. Signup and view all the answers

When might a third-party owner be involved in an insurance contract, according to the text?

When dealing with minors and parents own the policy. Signup and view all the answers