A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages

Assessment: JAMB UTME - Commerce - 1999 Subject: Commerce

Question 1 Report

A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages
Answer Details
Comprehensive insurance and Third-party insurance are two types of insurance policies for vehicles. Comprehensive insurance provides coverage for both the insured vehicle and the third party involved in an accident, while Third-party insurance provides coverage only for damages caused by the insured vehicle to the third party involved in an accident. Therefore, the distinction between Comprehensive insurance and Third-party insurance is that Third-party insurance covers damages caused by the insured vehicle to the third party involved in the accident, whereas Comprehensive insurance covers damages to both the insured vehicle and the third party involved in the accident.

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