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Like a business cycle, insurance businesses also experience cyclical movements over time. The cyclical movements are called an underwriting cycle that includes periodic soft and
Like a business cycle, insurance businesses also experience cyclical movements over time. The cyclical movements are called an "underwriting cycle" that includes periodic soft and hard markets.
Question: (1) Briefly describe the characteristics of hard and soft markets in terms of insurance price (premium) and coverage.
Question: (2) Explain on what can cause an underwriting cycle in insurance businesses.
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