What does Competent Parties mean? Read on to discover the definition & meaning of the term Competent Parties - to help you better understand the language used in insurance policies.
Competent parties are parties who are themselves legally capable of entering into agreements and contracts. For an insurance contract to be valid, both parties must be competent. People who may not qualify as competent parties include minors and people with severe mental disabilities.
We hope the you have a better understanding of the meaning of Competent Parties.