Final answer:
Noncatastrophic accidental losses, such as fires, are classified as property risks because they involve direct damage to a person's or business's property, and the statement is True.
Step-by-step explanation:
Noncatastrophic accidental losses, such as those caused by fires, are indeed considered property risks. This is because they can lead to direct damage or destruction of an individual's or a business's property. Such incidents fall under the category of property risks due to their potential financial impact from loss or damage to physical assets. The statement is, therefore, True. However, there are also economic risks caused by larger scale incidents like natural disasters, wars, or massive unemployment, over which individuals have little control and which can have far-reaching effects on the ability to sustain livelihoods. These have a broader scope and can affect entire communities or countries, whereas noncatastrophic accidental losses typically affect individual property owners or businesses.