Terrorists attacked the World Trade Center on September 11,2001.The attack simultaneously created large losses for life insurers,property insurers,workers compensation insurers,health insurers,and liability insurers.What name is given to an event that simultaneously creates large losses in several lines of insurance?
A)speculative loss
B)clash loss
C)retroactive loss
D)consequential loss

Question

Quizplus · Accepted Answer

A clash loss is an event that involves multiple lines or types of insurance policies, resulting in significant losses for insurers in different areas. The 9/11 attacks resulted in losses for life, property, workers compensation, health, and liability insurers, making it an example of a clash loss.

Terrorists Attacked the World Trade Center on September 11,2001