Which insurance is mandatory in India?
In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least 'third party liability' motor insurance cover even when opting for the basic insurance plans.
What are 3 examples of mandatory insurance in the US?
For businesses, the net of compulsory insurance is much wider: insurance policies like workers compensation, general liability, specialized liability coverage, automobile coverage, and employee theft insurance are the most common types required for commercial businesses.
What are the 4 main types of insurance?
There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability."
What is mandatory insurance?
Reviewed by Julia Kagan. Updated Jan 12, 2018. Compulsory insurance is 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.
What are the different types of compulsory insurance?
Perhaps the most well-known type of compulsory insurance is automobile liability insurance, which drivers are required to carry. In the past, physical insurance cards were required. Now, many states allow the use of electronic proofs of car insurance. That is, a mobile application on your smartphone can be used as proof.
What type of insurance do I Need?
There are however, four insurances that most financial experts recommend that all of us have: life, health, auto and long-term disability. Each one of these covers a specific aspect of your life, and each one is very important to your financial future.