What is compulsory insurance?


4 Answers

patrick hollick Profile
patrick hollick answered

Every person should have one insurance for his life but it is not compulsory.  Property insurance is also necessary to prevent any damages.

Anonymous Profile
Anonymous answered

Yes insurance is must in own personal life and we can use different
types of insurance like: Health, Life, Car, Travel, Home and Personal and I am sure these kind of insurance helpful for your future.

Tom  Jackson Profile
Tom Jackson answered

DEFINITION of 'Compulsory Insurance'

Any type of insurance an individual or business is legally required to buy. Compulsory insurance is mandatory for individuals and businesses that want to engage in certain financially risky activities, such as operating an automobile or operating a business with employees. Compulsory insurance is supposed to protect accident victims against the costs of recovering from an accident that someone else, such as another driver or an employer, has caused. Insurance is regulated at the state level, so each state decides what types of insurance will be compulsory and how much coverage policyholders must purchase. Policyholders may purchase higher limits of coverage if they think the compulsory minimums are insufficient.

Read more: Compulsory Insurance Definition | Investopedia

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