Reasons to Buy Insurance
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Insurance Booklet Questions
Reasons to buy insurance may include
() The lender requires it.
() It is mandated by law.
() Both of the above.
() Insurance is never required.
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Step by Step Written Solution
In this problem, we are looking for valid reasons why someone might need to buy insurance.
Why Buy Insurance?
Let's examine the first option which states that a lender requires it.
This is true. For example, if you take out a mortgage to buy a house, the bank will often require you to have homeowners insurance to protect their investment from damage.
Now let's look at the second option, mentioning it is mandated by law.
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