Every person should have one insurance for his life but it is not compulsory. Property insurance is also necessary to prevent any damages.
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.
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Insurance you have to get - auto insurance if you drive a car is one example.