The correct answer is A. Hard market.
A hard market is a seller’s market in which insurance is expensive and in short supply. This can happen when there is an increase in the number of claims, a decrease in the number of insurers, or a decrease in the amount of capital available to insurers. In a hard market, insurers may be more selective about who they insure, and they may charge higher premiums.
A soft market is a buyer’s market in which insurance is relatively inexpensive and in plentiful supply. This can happen when there is a decrease in the number of claims, an increase in the number of insurers, or an increase in the amount of capital available to insurers. In a soft market, insurers may be more willing to insure a wider range of risks, and they may charge lower premiums.
An alternative market is a market for insurance that is not regulated by the government. This type of market can be used by people who are unable to obtain insurance through traditional channels. Alternative markets can be more expensive than traditional markets, and they may not offer the same level of protection.
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