What does Required Insurance mean? Read on to discover the definition & meaning of the term Required Insurance - to help you better understand the language used in insurance policies.
Required insurance refers to the insurance policy that a policyholder must have in order to keep a status or property. It might be, for example, the health coverage required by the state for every citizen or the property insurance required for a commercial structure to be allowed to operate.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Required Insurance. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: