According to the Terrorism Risk Reauthorization Act of 2015, an act will only be certified as an act of terrorism if:

The correct choice emphasizes the specific context in which an act can be certified as terrorism under the Terrorism Risk Reauthorization Act of 2015. For an act to receive this certification, it must closely relate to commercial property and specified casualty risks, underscoring the legislative intent to protect businesses and ensure stability in the insurance market.

The focus on commercial property and casualty risks indicates that the act of terrorism not only involves violent actions but also has significant implications for financial and operational aspects of businesses. This is crucial for triggering the federal backstop provisions that provide insurance protection against such risks, which would otherwise be uninsurable due to their unpredictability.

The other options, while they may reflect consequences or characteristics of terrorism, do not align with the legislative framework set by the Act. Widespread panic and loss of life may be outcomes of terrorist acts, but they are not qualifiers for certification under this law. Similarly, the act being part of a declared war does not fit the scope as intended by this legislation, as the focus is rather on the impact on the insurance market and protecting economic interests.