Basically, this property dictates that no matter what you multiply by 1, it retains it's "identity". Example: 72 x 1 = 72. In math, if something is always the case, it is a Property.
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Subtraction is not an identity property but it does have an identity property. The identity is 0 and each number is its own inverse with respect to subtraction. However, this is effectively the same as the inverse property of addition so there is no real need to define it as a separate property.
Addition identity.
0 98 does no have an identity nor an inverse property.
The multiplication property of identity
Identity property of multiplication.