Party

{
  "id": "MLC-T-INS-002505",
  "term": "Party",
  "field": "Insurance and risk management",
  "definition": "An individual, group of individuals, or legal entity such as a corporation that has a role or interest in an insurance contract or a legal dispute. In an insurance policy, the primary parties are the insurer and the insured (the first and second parties), while a claimant seeking payment under a liability provision is a third party. The specific designation of a party determines their rights and obligations under the policy and relevant laws.",
  "url": "https://mlchart.com/terminology/insurance/party/"
}