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 ...

Partial Disability Benefit

An amount usually expressed as 50% of the monthly indemnity for the total disability benefit provided by a disability income insurance policy. This am ...

Economic Loss

Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), ...

Grace Period

Period after the date the premium is due during which the premium can be paid with no interest charged, the policy remaining in force. This period is ...

Optional Benefits

Choice of a lump sum payment for an injury incurred instead of a series of periodic payments, available under a health insurance policy. ...

Valuation Of Potential Property Loss

Risk management technique that evaluates property exposures preparatory to managing the risk. Although risk managers consider the original cost, depre ...

Popular Real Estate FAQ

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