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    Question

    During hard market conditions, insurers tend to raise

    premiums and restrict coverage due to past underwriting losses. What phase does this describe in the underwriting cycle?
    A Growth Phase Correct Answer Incorrect Answer
    B Hard Market Phase Correct Answer Incorrect Answer
    C Recovery Phase Correct Answer Incorrect Answer
    D Soft Market Phase Correct Answer Incorrect Answer
    E Pricing Equilibrium Correct Answer Incorrect Answer

    Solution

    Hard market is characterized by higher rates and strict underwriting.

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