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Why Insurance is Mandatory in the United States of America?
Why Insurance is Mandatory
Insurance is very important not only in the United States of America, but also in all other countries.
However, getting an insurance plan is not that mandatory.
It really depends on the types of insurance and country where you are in.
In the USA, buying an insurance plan depends on the city you are in.
There are some cities that require you to buy a specific plan, while other cities don’t take it as mandatory.
So, in this article, we will learn the common reasons why insurance may be mandatory or highly recommended in the USA.
1. Risk Management
One of the reasons why insurance is highly recommended in the USA is for risk management.
We are living in a world that is full of uncertainty.
Thus, having an insurance plan will help us manage financial risks when uncertain events such as accident (that may lead to death), illness, liabilities, and disasters occur.
2. Protection of Assets
Another reason why insurance is often mandatory in the USA is to protect our assets.
Because of the uncertain events, you will get protection from insurance company once unforeseen events like car accident occurs.
For example, in an accident, of course, you are required to pay the damages/injuries, but since you are cover with auto insurance, the insurance company will shoulder all the expenses caused by accident.
3. Legal Requirements
As stated above, getting an insurance plan may be mandatory or highly recommended for some reasons.
In the United States of America, mostly, buying an insurance plan is required and mandated by the law just to protect and ensure that individuals can manage the costs of potential liabilities like car accident.
For example, auto insurance plan is required in most cities in the USA just to protect the driver and other property when a car accident occurs.
4. Economic Stability
Economic stability is another reason why insurance is very important in the United States of America.
Insurance helps us to manage financial losses without disrupting our acitivity.
So, if we have insurance plan, you do not need to worry when uncertain events occur.
5. Public Interest
Of course, public interest is one of the major reasons why insurance in the USA is highly recommended.
This is because they want us to feel safe, financially stable, and have access to services like health care.
For example, health insurance will help us to reduce our burden on public healthcare system especially on medical bills.
So, if we have health insurance, the insurance company will cover some or all expenses in the hospital like medical bills.
Conclusion:
While buying insurance depends on the place we are living, still, it is very important to buy an insurance plan because it will really help us to manage financial constraints when uncertain events occur like accident, illness, natural distasters, etc.