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Q-
Is insurance mandatory?
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A-
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By Law, only vehicle insurance, which covers third-party liability, is mandatory. No other type of insurance is compulsory. Insurance is a measure to protect your assets from damages in case of an unforeseen Accident or to take care of dependents in case of a mishap with the earning member. Therefore, insurance is meant for anyone and everyone. It may not be mandatory but it is a necessity to cover the uncertainties of life.
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