Non-compulsory insurance is purchased at the option of the buyer. For example, a consumer can decide to purchase a life insurance policy but is not required to by law. Another example of non-compulsory insurance is trip insurance which some consumers buy to protect against travel risks such as illness, lost luggage, or cancelled flights. Consumers who decide not to insure certain risks are effectively self insuring themselves by taking on the full risk of any loss. Compulsory insurance is required by law or as a mandatory requirement of obtaining certain goods or services. Examples of compulsory insurance are auto liability insurance which is required by state laws and home owners insurance which is compulsory on bank financed homes.
all insurance contracts are not compulsory in any where . but only few of them are in compulsory according to the nature of contract where the liability arises for third party there is provision of compulsory insurance contract . this type of insurance is initiated by prince otto von wismark in Germany . vivek tyagi from department of legal studies ccsu campus meerut
yes,right now in many countries, insurance is compulsory at all, because it may help you in many situtions, like any type accident, cover the cost damage car, if someone steal your car, only a buy car is not important, the safety of a car is also important factor,so if person buy a car ,then he should take insurance,everybody knew that it take extra money for insurance ,it is not good for person't to pay .but at the end ,person get advantage of that insurance at some time,
Give me food and I will live give me water and I will die what am I?
What is 8 divided by 2(2 plus 2)?
What is pokediger1s password on roblox?
Who was Hillary Clintons running mate in the 2008 presidential elections?
How do you get 1000000 robux for free?
What TV show was Precious and Few by Climax the theme song for?
A farmer has 19 sheep All but 7 die How many are left?
What is the toughest academic course according to the Guinness Book of World Records 2011?
Why do so many foods "taste like chicken"?
Who invented Lincoln Logs?
How did chickenpox get its name?
What is doomscrolling?
How did the Wiffle Ball get its name?
Do schools still teach cursive writing?
Can eggs break inside a chicken?
How is kottatchiyar in English?
What are good qualities of a resource mobilizer?
How is medium a factor in representing the filipino identity in a work of art?
How do you transulate happy independence day in konkani language?
How should the state react the violation of law?
Advantage and disadvantage of on premise catering?
Which scene from the Beowulf reading is a flashback?
What day is national godchild day?