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    Question

    When insurance companies undercut each other to grab

    market share by reducing premium, it is known as:
    A Soft Market Correct Answer Incorrect Answer
    B Hard Market Correct Answer Incorrect Answer
    C Competitive Market Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    In a "soft market," intense competition among insurers leads to lower premiums and more relaxed underwriting standards.

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