compulsory insurance

compulsory insurance definition - business

compulsory insurance

Insurance coverage required by law. For example, most states require auto liability insurance before a vehicle can be registered for legal operation. The minimum required coverage is generally low, and there is doubt about the effectiveness of the laws in reducing the number of uninsured drivers.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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