Unemployment which results from the automation of the production activities (i.e., machines replacing men).
THIRD-PARTY INSURANCE : Motor third-party insurance or third-party
insurance is a statutory requirement under the Motor vehicle Act in India-also known as ‘act only’ cover. A person purchasing a motor vehicle has to
go for this compulsory insurance which benefits the third person (i.e. neither the vehicle owner nor the insurance company)-the person who becomes victim of an accident by the vehicle. Till December 31, 2005, the premium for the insurance was fixed by the Tariff Advisory Committee (an arm of the IRDA) but since then it has been done away with.
However, IRDA still continues to fix the premium for the mandatory third-party insurance, though the insurance companies have the freedom to decide on prices
for comprehensive cover.
The amount of compensation is largely decided by the earning capacity of the accident victim.
THIRD WAY :
An economic philosophy (better say rhetoric) which propagates it is neither capitalism nor socialism but a third (pragmatic) way. The idea was popularised in the late 20th century by some political leaders having leftist
leanings, including bill clinton and Tony Blair. Though it has been hard to pin down it was earlier used to describe the economic model of Sweden.