Which Statement Is (Are)true Regarding Property and Liability Insurance Market

question 9

Multiple Choice

Which statement is (are) true regarding property and liability insurance market conditions?
I.Premiums are high when the insurance market is "hard."
II.Underwriting standards are tight when the insurance market is "soft.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or social group.

Individual Blame

is attributing the responsibility for a problem or issue solely to individuals rather than examining systemic or societal factors.

American Culture

The set of social norms, traditions, beliefs, and values that characterize the society of the United States, shaped by historical, social, and political influences.

Environmental Causes

Factors related to the physical or biological environment that influence the occurrence of disease or health conditions.