additional - Insurance Software development

What does ADDITIONAL INTEREST mean in Auto insurance?

Author - Webner
5:18 am
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In insurance terminology, Additional Interest means an uninsured or insured third party that is named in the insurance policy as having an interest in the insurance policy of the holder. For instance: if there is any change made in the policy of the insuree (any modification or cancellation) of the policy, the party who has been labeled as additional interest is notified of the said change.

It basically means that someone who is not directly involved in the insurance but gets affected by the changes made by the insurance policy. However, this term can indicate a different […]

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