Which of the following is included in the definition of operation costs?

Operation costs refer to the expenses related to the regular functioning of a business or a property, which are necessary to maintain its day-to-day operations. Insurance is considered an operation cost as it is essential for protecting assets and mitigating risks associated with running a business. It is typically a recurring expense that must be factored into the overall financial planning and budgeting for operations.

The inclusion of insurance in operation costs highlights its importance in safeguarding the assets and ensuring business continuity. Other options, like sales proceeds and asset disposal value, pertain to income or valuation aspects rather than operational expenses. Intellectual property may represent a strategic asset for a business but does not fit within the direct costs associated with operational activities. By understanding how insurance fits into the broader category of operational expenses, individuals can better grasp the intricacies of effective asset management within the context of whole life asset management.