In the insurance industry, which term refers to continuous or repeated exposure to conditions that may result in bodily injury or property damage?

The term that describes continuous or repeated exposure to conditions that could lead to bodily injury or property damage is "occurrence." In the context of insurance, occurrence encompasses a broader scope than a single incident or mishap. It refers to a situation where harm arises from ongoing or repeated exposure to the same risk, rather than a one-time event.

This concept is essential in liability insurance, where coverage often hinges on whether an event is classified as an occurrence. It enables insurers to address long-term risks that may not manifest immediately but accumulate over time, leading to a legitimate claim.

Other terms like incident or mishap denote isolated events or accidents rather than the sustained nature of risks implied by the term occurrence. A claim refers to a request presented by the insured to the insurance company for payment or compensation for covered losses, which is separate from the nature of the exposure itself. Thus, the clarity and specificity of the term occurrence make it the correct answer for describing ongoing risks in the insurance landscape.