Question

The major difference between vehicle and life insurance is that vehicle insurance: co a. is designed to protect property. co b. does not require customers to pay premiums. o g. has the lowest possible deductible. op is a form of workers’ compensation.

Answer 1

Vehicle insurance is designed to protect property (vehicles), while life insurance provides financial support to beneficiaries after the insured's death. Both require premiums based on risk assessments.

Step-by-step explanation:

The major difference between vehicle and life insurance is that vehicle insurance is designed to protect property, particularly vehicles. In contrast, life insurance is meant to provide financial support to beneficiaries after the death of the insured individual. Both types of insurance involve the policyholder paying regular premiums based on the risk assessment conducted by the insurance company. For vehicle insurance, factors such as the safety rating of the car, the driver's history, and even the age of the driver come into play in determining these premiums. In the event of an automobile accident or a loss involving the car, the insurance policy helps mitigate the potential financial impact on the owner.