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Compulsory insurance, also known as mandatory insurance, is any insurance coverage required by state law before an individual or business can engage in certain activities, such as operating a...
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Feb 27, 2021 · Compulsory insurance is insurance that must be legally owned to do an activity, such as auto insurance and driving a car. Other types of compulsory insurance...
- Julia Kagan
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May 10, 2021 · Compulsory insurance is applicable to both individuals and businesses alike, although the former will find far fewer restrictions and requirements. For people, the most common type of compulsory insurance (usually set on a state-by-state basis) is car insurance.
Mar 18, 2024 · Compulsory insurance is a legal requirement for specific activities, safeguarding against financial risks. Types of compulsory insurance include automobile liability, workers’ compensation, and professional liability coverage.
Feb 29, 2024 · Compulsory insurance is insurance that individuals, businesses, or other entities are required by law to have in force. Compulsory insurance usually covers perils that carry heavy financial costs.
In the United States, automotive insurance covering liability for injuries and property damage is compulsory in most states, but different states enforce the insurance requirement differently. In Virginia, where insurance is not compulsory, residents must pay the state a $500 annual fee per vehicle if they choose not to buy liability insurance ...
Oct 31, 2023 · Compulsory insurance, as the name suggests, is a type of coverage that is mandatory according to the law. It protects individuals or businesses from the potential risks and liabilities associated with certain activities or circumstances.
