What does compulsory mean on insurance?

Compulsory insurance is mandatory and covers everyone who enters a location, such as a home, vehicle, workplace, school, or medical facility. This could mean that everyone living or working at the location must be covered by insurance.

It most commonly refers to liability insurance and personal injury protection (PIP). These types of policies protect those who are injured while using the location or related property. If you break your arm while skiing at a ski resort, the insurance company will cover your medical expenses.

What does mandatory mean on an insurance claim form?

compulsory means that you have to complete the form. You can’t just leave a box unchecked. If you don’t complete the form completely, your claim will likely be denied. The same goes for the supporting documentation. You must attach any receipts, invoices, and billing statements that support your deductible and the amount of your claim.

What does mandatory mean in insurance quote?

Compulsory means that a person must have the insurance policy in order to drive the car. If the person is driving the car without the insurance coverage, it is a traffic violation. It may also result in a fine or the cancellation of the car's registration.

What does mandatory mean in insurance claim?

Compulsory means that the insured party is legally bound to pay the premium, even if you do not pay your installments on time. If you are unable to pay your premium at the end of the period, your insurance company will terminate your coverage automatically. However, you can reinstate your coverage by paying the outstanding balance.

What does mandatory mean on insurance?

Compulsory is a term used in the context of insurance to describe a requirement an insured must meet before their policy goes into effect. It can apply to things like proof of liability or proof of eligibility. It's important to know that mandatory doesn't mean an insurer is automatically going to cancel your policy if you don't comply.