The property and liability insurance industry fluctuates between perio

The property and liability insurance industry fluctuates between periods of increasing insurance rates and tight underwriting standards,

and decreasing insurance rates and loose underwriting standards. Profitability in the industry follows these cyclical movements. What is this pattern of fluctuations called?
A) the claims cycle
B) the underwriting cycle
C) the business cycle
D) the accounting cycle

ANSWER

Answer: B