third-party insurance

American  

[thurd-pahr-tee] / ˈθɜrdˈpɑr ti /

noun

1. insurance that compensates for a loss to a party other than the insured for which the insured is liable.

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Other Word Forms

• third-party insurer noun

Etymology

Origin of third-party insurance

First recorded in 1900–05

Example Sentences

It noted, however, that “renewal of our third-party insurance agreements should result in a mid-single-digit percentage increase in cost of insurance on a per-ride basis quarter over quarter.”

From MarketWatch

Pharmacy technicians, who fill medicine prescriptions, process third-party insurance claims and help patients check out at the pharmacy, are not part of Wednesday's announcement, DeMoss said.

From Reuters

But in January CEO Elon Musk said premiums from third-party insurance companies "in some cases were unreasonably high."

From Reuters

Third-party insurance companies like Assurant, Asurion and Akko sell policies for smartphones, as do some general insurance providers like Progressive and USAA.

From New York Times

During Tesla's fourth-quarter earnings call on Wednesday, Musk said premiums from third-party insurance companies "in some cases were unreasonably high" and that the EV maker's insurance arm was putting pressure on those carriers by offering lower rates to Tesla owners.

From Reuters