Compulsory Insurance


Definition of "Compulsory insurance"

Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried.

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Popular Real Estate Terms

Compulsory Automobile Liability Insurance

Same as term Compulsory Insurance: coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobi ...

Premium

Rate that an insured is charged, reflecting his or her expectation of loss or risk. The insurance company will assume the risk's of the insured (lengt ...

Incorporeal Interests

Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...

Employers Contingent Net Worth Liability Determination

Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC ...

Alien Insurer

Insurance company formed according to the legal requirements of a foreign country. In order for an alien insurer to be able to carry on general operat ...

Blanket Limit

Maximum amount of insurance coverage that an insurance company will underwrite in a particular geographic area. ...

Popular Real Estate FAQ

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