differentiate between complusory and non-compulsory insurance and examples of each
Non-compulsory insurance is a type of insurance that is not lawfully required, but can still be used for protection. It can add protective measures for both people and property.
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.
yes. because Life and non-life are two different kind of insurance.
Something is compulsory if you have to do it, if you are forced to do it. If you have a choice, it's non-compulsory.
NOT eg non-compulsory = not compulsory
Compulsory insurance usually refers to the least amount of cover for a product you can buy from insurance companies whilst still being legal in the case of car insurance.
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
it depends on the citizenship.
they are national insurance and income tax.