AC Insurance Booster Capsule 2015 by AffairsCloud

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AC Insurance Booster Capsule

Insurance Booster Capsule For IRDAI,OICL and

UIICL Assistant Exam

History of Insurance in India :

Insurance since Ancient times

In India, Insurance has well established history of more than thousand years. In Rigveda, there is

a concept called Yogakshema, which means prosperity, well being and security of people. Also

Insurance was mentioned in Manusmrithi, Dharmashastra and Arthashastra. In those times

insurance refers to pooling of resources that could be re-distributed in times of natural calamities

such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day

insurance.

Modern Day Insurance

The modern form of Life Insurance came to India from England in the year 1818. Oriental Life

Insurance Company started by Europeans in Calcutta was the first life insurance company on

Indian Soil.

The insurance companies established during that period were brought up with the purpose of

looking after the needs of European community and Indian natives were not being insured by

these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the

foreign life insurance companies started insuring Indian lives. But Indian lives were being treated

as sub-standard lives and heavy extra premiums were being charged on them.

Bombay Mutual Life Assurance Societyheralded the birth of first Indian life insurance

company in the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company

(1896) was also one of such companies inspired by nationalism. The Swadeshi movement of

1905-1907 gave rise to more insurance companies such as The United India in Madras, National

Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore.

Life Insurance Companies Act, 1912


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In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The

Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and

periodical valuations of companies should be certified by an actuary. But the Act discriminated

between foreign and Indian companies on many accounts, putting the Indian companies at a

disadvantage.

Insurance Act 1938

From 44 companies with total business-in-force as Rs.22.44 Crores, it rose to 176 companies with

total business-in-force as Rs.298 Crores in 1938. With a view to protect the interests of the Indian

Insurance companies, the earlier legislation was amended with the enactment of the Insurance

Act 1938, which consists comprehensive provisions for effective control over the activities of

insurers or insurance organizations.

The Insurance Act 1938 was the first legislation governing the life insurance and non-life

insurance and to provide strict state control over insurance business.

Birth of Life Insurance Corporation of India

On 19th of January, 1956, that life insurance in India was nationalized. About 154 Indianinsurance companies, 16 non-Indian companies and 75 provident were operating in India at the

time of nationalization. Nationalization was accomplished in two stages; initially the management

of the companies was taken over by means of an Ordinance, and later, the ownership too by

means of a comprehensive bill.

The Parliament of India passed the Life Insurance Corporation Acton June 1956, and the Life

Insurance Corporation of India was created on September 1956, with the objective of spreading

life insurance much more widely and in particular to the rural areas with a view to reach all

insurable persons in the country, providing them adequate financial cover at a reasonable cost.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private

sector.

History of General (non-life) Insurance

The history of general insurance dates back to the Industrial Revolution in the west during the

17th century. General Insurance in India has its roots in the establishment of Triton Insurance

Company Ltd. at Kolkata in the year 1850 by the Britishers. In 1907, the Indian Mercantile


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Insurance Ltd. was established and was the first company to transact all classes of general

insurance business.

In 1957, General Insurance Council (GIC), a wing of the Insurance Associaton of India was

established The General Insurance Council framed a code of conduct for ensuring fair conduct and

sound business practices across Non-Life or General insurance sector.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency

margins. The Tariff Advisory Committee was also established in the same year.

With the passing of the General Insurance Business (Nationalization) Act in 1972, general

insurance business was nationalized. A total of 107 insurers were amalgamated and grouped into

four companies namely National Insurance Company Ltd. at Kolkata, the New India Assurance

Company Ltd. at Mumbai, the Oriental Insurance Company Ltd at New Delhi and the United India

Insurance Company Ltd at Chennai.

Malhotra Committee

The Government set up a committee in 1993 under the chairmanship of R.N. Malhotra, former

Governor of RBI (Reserve Bank of India), to propose recommendations for initiation andimplementation of reforms in the Indian insurance sector. The objective of setting up this

committee was to complement the pace of reforms initiated in the financial sector.

The aforesaid committee submitted its report in 1994 wherein it was recommended that the

private sector be permitted to enter the Indian insurance sector. It also recommended the

participation of foreign companies by allowing them to enter into an MOU (Memorandum of

Understanding) by floating Indian companies, preferably a joint venture with Indian partners.

Birth of IRDA

Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and

Development Authority (IRDA) Act, in 1999 was passed by the Indian Parliament.

The IRDA opened up the Indian insurance market in August 2000 by inviting application for

registration proposals. Foreign companies were allowed entry into Indian insurance sector with an

upper ceiling on ownership of up to 26% participation. The IRDA has been granted the powers to

frame regulations under Section 114A of the Insurance Act, 1938.


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From 2000 onwards, IRDA has framed various regulations for carrying on insurance business to

protection of Indian policyholders interests including the registration of Life & Non-Life (General)

Insurance companies.

Insurance a thriving sector

At present there are 28 general insurance companies including the ECGC and Agriculture

Insurance Corporation of India and 24 life insurance companies operating in the country.

The insurance sector is a massive one and is thriving at a speedy rate of 15-20%. Together with

banking services, insurance services add about 7% to the countrys GDP. A well-developed and

evolved insurance sector is a boon for economic development as it provides long- term funds for

infrastructure development at the same time strengthening the risk taking ability of the country.

MEANING OF INSURANCE

Simply speaking, insurance is the means by which risks of loss or damage can be shifted to

another party called the insurer on the payment of a charge known as premium. The party whose

risk is shifted to the insurer is known as the insured.

Obviously insurer is generally an organization (Insurance Company),which is willing to share the

loss or damage and it is also qualified to do so. Insurance is a contract between the insurer and

insured whereby the insurer undertakes to pay the insured a fixed amount, in exchange for a

fixed sum known as premium, on the happening of a certain event (like at a certain age or on

death), or compensate the actual loss when it takes place, due to the causes mentioned in the

contract.

If you think about the basis of insurance, you will realize that it is a form of cooperation through

which all the insured, who are subject to a risk, pay premium and only one or few among them

who actually suffer the loss or damage is/are compensated.

Actually, the number of parties exposed to a risk is very large and only a few of them might

actually suffer loss during a certain period. The insurer (company) acts as an agency to spread

the actual loss suffered by a few insured parties among a large number of parties.

IMPORTANCE OF INSURANCE:To appreciate the importance of insurance we have to discuss the benefits that we derive from it.


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As explained in the previous section, insurance serves as a very useful means of spreading the

effects of personal as well as business risks by way of loss or damage among many.

Thus, the insured have a sense of security. Individuals who pay premium periodically out of

current income can look forward to an assurance of receiving a fixed amount on retirement or his

family being secured in the event of his death. Businessmen also pay premium for insurance of

risk of loss without constant worry about the possibility of loss or damage.

Insurance plays a significant role particularly in view of the large-scale production and distribution

of goods in national and international market. It is an aid to both trading and industrial

enterprises, which involve huge investments in properties and plants as well as inventories of raw

materials, components and finished goods.

The members of business community feel secured by means of insurance as they get assurance

that by contributing a token amount they will be compensated against a loss that may take place

in future.

From the national economic point of view, insurance enables savings of individuals to accumulate

with the insurance companies by way of premium received. These funds are invested in securities

issued by big companies as well as by Government.Individuals who insure their lives to cover the

risks of old age and death are induced to save a part of their current income, which is by itself of

great importance.

Insurance is also a source of employment for the people. The people get employed directly in its

offices of the insurance company spread over the country and it also provides opportunities to the

people to earn their livelihood by working as agent of the insurance companies.

TYPES OF INSURANCE :

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Marine insurance is an agreement (contract) by which the insurance company (also known as

underwriter) agrees to indemnify the owner of a ship or cargo against risks, which are incidental

to marine adventures. It also includes insurance of the risk of loss of freight due on the cargo.

Marine insurance that covers the risk of loss of cargo by storm is known as cargo insurance.

The owner of the ship may insure it against loss on account of perils of the sea. When the ship is

the subject matter of insurance, it is known as hull insurance. Further, where freight is payable

by the owner of cargo on safe delivery at the port of destination, the shipping company may

insure the risk of loss of freight if the cargo is damaged or lost. Such a marine insurance is known

as freight insurance. All marine insurance contracts are contracts of indemnity.

The followings are the different types of marine insurance policies :---

(a) Time Policy This policy insures the subject matter for specified period of time, usually forone year. It is generally used for hull insurance or for cargo when small quantities are insured.

(b) Voyage Policy - This is intended for a particular voyage, without any consideration for time.

It is used mostly for cargo insurance.

(c) Mixed Policy Under this policy the subject matter (hull, for example) is insured on a

particular voyage for a specified period of time. Thus, a ship may be insured for a voyage between

Mumbai and Colombo for a period of 6 months under a mixed policy.

(d) Floating Policy - Under this policy, a cargo policy may be taken for a round sum and

whenever some cargo is shipped the insurance company declares its value and the total value of

the policy is reduced by that amount. Such shipments may continue until the total value of the

policy is exhausted.

() O I :Apart from life, fire and marine insurance, general insurance companies can insure a variety of

other risks through different policies. Some of these risks and the different policies are outlined

below.


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(a) Motor vehicles Insurance- Insurance of all types of motor vehicles passenger cars, vans,

commercial vehicles, motor cycles, scooters, etc.,covers the risks of damage of the vehicle by

accident or loss by theft, as also risks of liability arising out of injury or death of third party

involved in an accident. Third party risk insurance is compulsory under the Motor Vehicles Act.

(b) Burglary Insurance- Under this insurance the insurance company undertakes to indemnify

the insured against losses from burglary i.e., loss of moveable goods by robbery and theft by

breaking the house.

(c) Fidelity Insurance- As a protection against the risks of loss on account of embezzlement or

defalcation of cash or misappropriation of goods by employees, businessmen may get policies

issued covering the risks of loss on account of fraud and dishonesty on the part of employees

handling cash or in charge of stores. This is called fidelity insurance policy. The employees may

also be required to sign a fidelity guarantee Bond.

(d) Personal accident and sickness Insurance- These are policies which can be taken outagainst death or disability in special circumstances, for example by traveling through flights, etc.

(e) Liability Insurance- This type of policy covers the risk of liability for the injury or death of

someone else.These are two main forms as

(i) Employers liability- covers the employers legal liability for the safety of each employee.

(ii) Public liability- covers the liability of individuals and business for members of public visiting

their premises.

(f) Property Insurance - Covers a wide variety of items from goods in transit or in store to

building or contents. Applies to both the business persons and the private householders.

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INSURANCE PLANS - AN OVERVIEW :

ENDOWMENT INSURANCE PLAN

Endowment insurance plan is a combination of both pure term plan and pure endowment plan.

Pure term plan has only Death benefit with no maturity, whereas Pure Endowment Plan has only

maturity benefit with no death benefit. EAP has death benefit if the life assured dies within thepolicy term as well as maturity benefit if he survives till the policy mature.

Benefit is paid either on death or maturity whichever occurs first. Hence it is complete win-win

solution to the policy holder. There are many types of endowments plan such as marriage

endowment plan, Educational Endowment plan etc.

WHOLE LIFE INSURANCE

Whole Life Insurance is a life insurance contract with level premiums that has both insurance and

an investment component. The insurance component pays a stated amount upon death of an

insured. Part of the insurance contract stipulates that the policyholder is entitled to a cash value

reserve that is part of the policy and guaranteed by the company.

This cash value can accessed anytime through policy loan that is received income tax free and

paid back according to mutually agreed upon schedules. These policy loans are available until

insureds death. If any loan amount is not yet paid back upon the insureds death, the insurer

subtracts those amounts from the policy face value/death benefit and pays the remaining to the

policys beneficiary.


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GROUP LIFE INSURANCE

A type of insurance coverage offered to a group of people, usually, employees of a company,

members of a union or association etc. There are types of group insurances such as group term

life insurances and group health insurance plan. This costs each individual member much less

than if they had to purchase an individual policy. For this reason, group insurance is key factor in

employee benefit package. This is because the risk is spread over the entire group, rather than

one person.

MICRO INSURANCE PLAN

Insurance that offer coverage to low income households are micro insurance. This is similar to

that of regular insurance except to the fact that it targets low income people. The target

population mainly consists of people ignored by mainstream commercial and social insurance

scheme. Micro insurance is found in developing countries, where current insurance markets are

inefficient. The insured people pay considerably smaller premiums.

JOINT LIFE INSURANCE PLAN

Joint Life insurance policies are designed to cover couples or partnership in the event of either

partners death. It means the chosen amount of cover is paid out if the first person dies, during

the length of the policy, after which the policy would end. A joint life policy pays only once andwould leave the surviving person without any life insurances.

SINGLE LIFE INSURANCE PLAN

Single life insurance policy covers one person only and pays out the chosen amount of cover if

that person dies, during the length of the policy, after which the policy would end.

TERM INSURANCE PLAN

Term life insurance is a policy that provides the insured person coverage for a certain period of

time whereas whole or universal policy is considered permanent, providing coverage for the

entire life of the insured.

CONVERTIBLE INSURANCE PLAN

It allows insured to convert a term policy to a permanent policy at a later date. This plan is

designed to meet the needs of those who are initially unable to play larger premium required for

whole life insurance plan.


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PURE ENDOWMENT PLAN

It is an endowment policy that is paid when the person in the endowment is still alive. A pure

endowment policy runs for a certain number of years that matures and is paid out to person

nominated.

Insurance Concepts :

What is Banccasurance?

Banccasurance means selling of insurance products through banks. The

insurance companies and the banks come up in a partnership wherein the bank

sells the tied insurance companys insurance products to its clients.

Bank Insurance Model is also termed as Banccassurance.

Who is an Actuary?

A person with expertise in the fields of economics, statistics and mathematics,

who helps in risk assessment and estimation of premiums etc for an insurance

business, is called an actuary.

A professional statistician working in an insurance company is an Actuary.

What is an Actuarial Science?

Actuarial science is the discipline that applies mathematical and statistical

methods to assess risk in insurance, finance and other industries and

professions.

Actuarial science includes a number of interrelated subjects, including

probability, mathematics, statistics, finance, economics, financial economics, and

computer programming.

Who are Third Party Administrators?

Third Party Administrators or TPAs are a vital link between health insurancecompanies, policyholders and health care providers.


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The TPAs maintain databases of policy holders and issue them identity cards

with unique identification numbers and handle all the post policy issues including

claim settlements.

What is Mortality Charge?

Mortality Charge is the amount charged every year by the insurer to provide the

life cover to the policyholder on the life of the Life Insured. It is also called as

Cost of Insurance.

What is Maturity Date?

The date on which the principal amount of a note, draft, acceptance bond orother debt instrument becomes due and is repaid to the investor and interest

payments stop.

The maturity date tells you when you will get your principal back and for how

long you will receive interest payments.

Who is an Agent?

An Agent is a person who is licensed by state to sell Insurance. The Agents serveas an intermediary between the insurance company and the insured.

Agents are only responsible for the timely and accurate processing of forms,

premiums, and paperwork.

o Captive Agent Agent sell Insurance of a specific Company.

o Independent Agent Agent who works independently and sells

Insurance of many companies.

Who is a Broker?

An insurance brokeris a specialist in insuranceand risk management.

Brokersact on behalf of their clients and provide advice in the interests of their

clients.

Insurance brokers can be best described as a kind of super-independent agent.

What is Annuity?

A long-term contract sold by an insurance company designed to provide

payments to the holder at specified intervals, usually after retirement.


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What are Insurable and Uninsurable Risks?

A risk that conforms to the norms and specifications of the insurance policy in

such a way that the criterion for insurance is fulfilled is called insurable risk.

In case of a scenario where the loss is too huge that no insurer would want topay for it, the risk is said to be uninsurable.

What is AD&D in Insurance?

AD&D in Insurance refers toAccidental Death and Dismemberment

Insurance.

It is a policy that pays benefits to the beneficiary if the cause of death is an

accident. This is a limited form of life insurance which is generally lessexpensive.

What is Lapse in Insurance?

The policy for which all benefits to the policy holder cease and is terminated due

to non payment of premium amount on the due date or even after the grace

period is called a lapsed policy.

What is Surrender Value?

Surrender Value is the amount the policy holder will get from the insurance

company if he decides to exit the policy before maturity. Surrender value is

payable only after three full years premiums.

What is Maturity claim?

Maturity claim is a type of claim, wherein the insured fills a maturity claim form.

It is sent along with the original policy document to the insurance company

before the maturity date to get timely settlement from the insurance company

as post dated cheque or ECS (Electronic Clearance Service) payment on the

maturity date.

What is Death claim?

Death claim is a type of claim made by the nominee of the insured to the

insurance company due to death of the insured, abiding to the policy terms and

conditions.


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What is Valid claim & Fradulent claim?

An insurance company validates the authenticity and amount claimed by the

insured in-order to prevent the insurer from exaggerating the claim amount &

the claim fraudulently.

If it is a valid reason it is classified as valid claim or else it is classified as

fraudulent claim, thereby if insurance suspects of fraudulence in the claim.

What do you mean by Policy not in force?

If the policy is lapsed i.e., the insured has not paid the policy amount before the

grace period expires, then it is termed as policy not in force. The insured is not

covered by the policy when it is termed as policy not in force.

What is Gratuity?

Gratuity is a part of salary that is received by an employee from his/her

employer in gratitude for the services offered by the employee in the company.

According to Payments of Gratuity Act, 1972 with minimum of 5 years service

during exit is eligible to minimum of 15 days from the last drawn salary for each

completed service year.

What is Void & Voidable contract?

Void contract cannot be enforced by law. It is also considered as void agreement

and is not a contract et al. Any agreement which is illegal is considered as void

contract.

An agreement between two parties that can be unenforceable for a number of

legal reasons like failure or mistake by a party to disclose a fact leading to

breach of contract. Then the other party terms it as voidable contract. He may

also continue the contract making it a valid contract, as it is decided by both

parties.

What is Paid up value?

The right to change the normal policy into paid up value is given to the insured

by the insurance company, if the insured have paid premiums for minimum of

three years.


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The paid policy means, after the period if the insured cannot pay premium then

the policy is not cancelled but the sum assured is reduced in proportion to the

number of premiums paid by the insured.

What is Terminal bonus?

Terminal bonus is the loyalty bonus paid by the insurance company to the

insured for maintaining the policy till the maturity date.

It is the bonus paid during the time of maturity and the value is not guaranteed

by disclosed during the time of policy maturity only.

Actual Cash Value

It is the cost of replacing damaged or destroyed property with comparable new property, minus

depreciation and obsolescence. For example, a 10-year-old fan will not be replaced at current full

value because of a decade of depreciation.

BCAR Bests Capital Adequacy Relativity (BCAR)

It is a percentage, which measures a companys relative capital strength and it is compared to its

industry peer composite. BCAR is an important component in determining the appropriateness of

a companys rating. BCAR is calculated by dividing a companys capital adequacy ratio by the

capital adequacy ratio of the median of its industry peer composite using Bests proprietary capital

mode.

Encumbrance

A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The

interest of the property owner is reduced by the amount of the encumbrance.

Liquidity

Liquidity is the ability of an individual or business to quickly convert assets into cash without

incurring a considerable loss. There are two kinds of liquidity

Quick liquidity


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It refers to funds, cash, short-term investments, and government bonds and possessions which

can immediately be converted into cash in the case of an emergency.

Current liquidity

It refers to current liquidity plus possessions such as real estate which cannot be immediately

liquidated, but eventually can be sold and converted into cash.

Reinsurance

It is an insurance that an insurance company buys for its own protection. The risk of loss is spread

so a disproportionately large loss under a single policy doesnt fall on one company. Reinsurance

enables an insurance company to expand its capacity; stabilize its underwriting results; finance its

expanding volume; secure catastrophe protection against shock losses; withdraw from a line of

business or a geographical area within a specified time period.

Lapse Ratio

The ratio of the number of life insurance policies that lapsed within a given period to the number

in force at the beginning of that period.

Impaired Insurer

An insurer which is in financial difficulty to the point where its ability to meet financial obligations

or regulatory requirements is in question.

Dividend

The return of part of the policys premium for a policy issued on a participating basis by either a

mutual or stock insurer. A portion of the surplus paid to the stockholders of a corporation.

Coinsurance

In property insurance, requires the policyholder to carry insurance equal to a specified percentage

of the value of property to receive full pay-ment on a loss. For health insurance, it is a percentage

of each claim above the deductible paid by the policy-holder. For a 20 percent health insurance

coinsurance clause, the policyholder pays for the deductible plus 20 percent of his covered losses.


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After paying 80 per-cent of losses up to a specified ceiling, the insurer starts paying 100 percent

of losses.

Casualty Insurance

Casualty Insurance is primarily concerned with losses caused by injuries to persons and legal

liability imposed upon the insured for such injury or for damage to property of others. It also

includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and

forgery, boiler and machinery insurance and Aviation insurance.

Retention

The amount of risk retained by an insurance company that is not re-insured.

Insurable Risk

Risks for which it is relatively easy to get insurance and that meet certain criteria. These include

being definable, accidental in nature, and part of a group of similar risks large enough to make

losses predictable. The insurance company also must be able to come up with a reasonable price

for the insurance.

Types of Frauds in Insurance Sector :

M :

D

Premium diversion is the embezzlement of insurance premiums.

It is the most common type of insurance fraud.

Generally, an insurance agent fails to send premiums to the underwriter and instead keeps the

money for personal use.

Another common premium diversion scheme involves selling insurance without a license,

collecting premiums and then not paying claims.

Fee Churning

In fee churning, a series of intermediaries take commissions through reinsurance agreements.


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The initial premium is reduced by repeated commissions until there is no longer money to pay

claims.

The company left to pay the claims is often a business the conspirators have set up to fail.

When viewed alone, each transaction appears to be legitimateonly after the cumulative effect

is considered does fraud emerge.

Asset Diversion

Asset diversion is the theft of insurance company assets.

It occurs almost exclusively in the context of an acquisition or merger of an existing insurance

company.

Asset diversion often involves acquiring control of an insurance company with borrowed funds.

After making the purchase, the subject uses the assets of the acquired company to pay off thedebt. The remaining assets can then be diverted to the subject.

Advantages of Increase in FDI in Insurance :

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INSURANCE ABBREVIATIONS (A-Z) :

AAA American Academy Of Actuaries.

AACI American Association Of Crops Insurers.

AADC American Association Of Dental Consultants.

AAI Accredited Adviser In Insurance.

AAIM American Academy Of Insurance Medicine.

AAIMC American Association Of Insurance Management Consultants.

AAIS American Association Of Insurance Services.

AALTCI American Association For Long Term Care Insurance.

AALU Association For Advanced Life Underwriting.

AAM Associate In Automation Management.

AAMGA American Association Of Managing General Agents.

AAPL American Association Of Petroleum Landmen.

AAPMR American Academy Of Physical Medicine And Rehabilitation.

AASCIF American Association Of State Compensation Insurance Funds.

ABA American Bar Association, American Bankers Association.

ABIH American Board Of Industrial Hygienists.


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ABIME American Board Of Independent Medical Examiners.

ABS American Bureau Of Shipping.

ACA Association Of Corporate Counsel.

ACAS Associate Of The Casualty Actuarial Society.

ACC Anti-Concurrent Cause.

ACCA American Corporate Counsel Association.

ACCI American Corporate Counsel Institute.

ACEC American Consulting Engineers Council.

ACII Associateship Of The Chartered Insurance Institute.

ACLA Automobile Claim Law Associate.

ACLI American Council Of Life Insurers.

ACLS Automobile Claim Law Specialist.

ACLU American College Of Life Underwriters.

ACM Asbestos-Containing Material.

ACORD Association For Cooperative Operations Research And Development.

ACSC Association Of Casualty & Surety Companies.

ACSR Accredited Customer Service Representative.

ACT Agents Council For Technology.

ACV Actual Cash Value.


24/100

24 P


ACWRRE American Cargo War Risk Reinsurance Exchange.

ADA Americans With Disabilities Act Of 1990.

ADAAA ADA Amendments Act Of 2008.

ADB Accidental Death Benefit.

AD&D Accidental Death And Dismemberment.

ADEA Age Discrimination In Employment Act Of 1967.

ADR Alternative Dispute Resolution.

AEIA American Excess Insurance Association.

AFIA American Foreign Insurance Association.

AFIS Agribusiness And Farm Insurance Specialist.

AFSB Associate In Fidelity And Surety Bonding.

AGC Associated General Contractors Of America.

AGRP Association Of Governmental Risk Pools.

A&H Accident And Health (Insurance).

AHAS Advocates For Highway And Auto Safety.

AHERA Asbestos Hazard Emergency Response Act Of 1986.

AHIA Association Of Health Insurance Advisors.

AHIP Americas Health Insurance Plans.

AHIS American Hull Insurance Syndicate.


25/100

25 P


AIA Aviation Insurance Association.

AIAB Alliance Of Insurance Agents And Brokers.

AIAF Associate In Insurance Accounting And Finance.

AIBM Automobile Insurers Bureau Of Massachusetts.

AIC Associate In Claims.

AICP Association Of Insurance Compliance Professionals.

AICPA American Institute Of Certified Public Accountants.

AICPCU American Institute For Chartered Property Casualty Underwriters .

AIHA American Industrial Hygiene Association.

AIM Associate In Management.

AIMA As Interest May Appear.

AIME Average Indexed Monthly Earnings.

AIMU American Institute Of Marine Underwriters.

AIP Annual Implementation Plan.

AIPSO Automobile Insurance Plans Service Office.

AIRAC All Industry Research Advisory Council.

AIRB Aviation Insurance Rating Bureau.

AIRMIC Association Of Insurance And Risk Managers.

AISG American Insurance Services Group, Inc.


26/100

26 P


AIT Associate In Information Technology.

AL Automobile Liability.

ALAE Allocated Loss Adjustment Expense.

ALC American Life Convention.

ALCM Associate In Loss Control Management.

ALE Additional Living Expense.

ALHA Association Of Life And Health Administrators.

ALIMDA Association Of Life Insurance Medical Directors Of America.

ALM Association Of Lloyds Members.

ALOP Advance Loss Of Profit .

ALOS Average Length Of Stay.

ALTA American Land Title Association.

AMA American Medical Association.

AMBAC American Municipal Bond Assurance Corp.

AMEMIC Association Of Mill & Elevator Mutual Insurance Companies.

AMIC American Marine Insurance Clearinghouse.

AMIF American Marine Insurance Forum.

AMIM Associate In Marine Insurance Management.

AMW Average Monthly Wage.


27/100

27 P


ANI American Nuclear Insurers.

ANL Above Normal Loss.

ANSI American National Standards Institute

AOP All Other Perils.

AP Additional Premium.

APA Associate In Premium Auditing.

API Associate In Personal Insurance.

APIW Association Of Professional Insurance Women.

AR Accounts Receivable.

ARCO Associated Reporting Companies.

ARE Associate In Reinsurance.

ARIA American Risk And Insurance Association.

ARM Associate In Risk Management.

ARMP Associate In Risk Management For Public Entities.

ARO Asset Retirement Obligation.

ARP Associate In Research And Planning.

ARPI Australian Risk Policy Institute.

ARS Auction Rate Security.

ART Annual Renewable Term.


28/100

28 P


ASA Associate In Society Of Actuaries.

ASC Associated Specialty Contractors.

ASCLU American Society Of Chartered Life Underwriters.

ASCN Applied Systems Client Network.

ASHRM American Society For Healthcare Risk Management.

ASIM American Society Of Insurance Management.

ASIS American Society Of Industrial Security.

ASLI Associate In Surplus Lines Insurance.

ASM Available Seat Miles.

ASME American Society Of Mechanical Engineers.

ASO Administrative Services Only.

ASOP Actuarial Statement Of Practice.

ASPPA American Society Of Pension Professionals & Actuaries .

ASSE American Society Of Safety Engineers.

ASTM American Society For Testing And Materials

ATA American Trucking Associations, Inc.

ATIMA As Their Interests May Appear

ATLA Association Of Trial Lawyers Of America.

ATRA American Tort Reform Association.


29/100

29 P


AU Associate In Underwriting.

AWCBC Association Of Workers Compensation Boards Of Canada.

AWW Average Weekly Wage.

BACM Best Available Control Measures.

BAP Business Auto Policy.

BAPCPA Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005.

BBB Bankers Blanket Bond.

B&C Building And Contents.

BCAR Bests Capital Adequacy Ratio.

BCBSA Blue Cross And Blue Shield Association.

BCE Bermuda Commodities Exchange.

BCEGS Building Codes Effectiveness Grading Schedule.

BCM Business Continuity Management.

BCP Business Continuity Plan.

BCSP Board Of Certified Safety Professionals.

BDAT Best Demonstrated Available Technology.

BELRIM Belgian Risk Management Association.

BERP Basic Extended Reporting Period.

BFCGL Broad Form Comprehensive General Liability .


30/100

30 P


BFPD Broad Form Property Damage.

BI Bodily Injury; Business Interruption.

BIC Business Income Coverage.

BIM Building Information Modeling.

BM Boiler And Machinery.

B&M Boiler And Machinery.

BOP Businessowners Policy.

BOW Breach Of Warranty.

BPB Blanket Position Bond.

BPF Basic Premium Factor.

BPL Bankers Professional Liability.

BPLI Bankers Professional Liability Insurance.

BPT Branch Profits Tax.

BR Builders Risk.

BRAC Base Realignment And Closure Act.

BTR Below-Target Risk.

BV Brick Veneer .

CAC Combined Additional Coverage.

CAE Chief Audit Executive.


31/100

31 P


CAGR Compounded Annual Growth Rate.

CAL Comprehensive Automobile Liability.

C AND F Cost And Freight.

CAPA Certified Automotive Parts Association.

CAPEX Capital Expenditures.

CAPM Capital Asset Pricing Model.

CAPP Conference Of Actuaries In Public Practice.

CAR Contractors All Risks.

CARE Concerned Alliance Of Responsible Employers.

CARF Commission On Accreditation Of Rehabilitation Facilities.

CARFM Coalition Of Alternative Risk Funding Mechanisms.

CARFRA Coordinated Advertising, Rate And Form Review Authority.

CAS Casualty Actuarial Society.

CBMU Canadian Board Of Marine Underwriters.

CBOT Chicago Board Of Trade.

CBRA Coastal Barrier Resources Act Of 1982.

CBRS Coastal Barrier Resources System.

CCIA Consumer Credit Insurance Association.

CCIP Contractor Controlled Insurance Program.


32/100

32 P


CCIR Canadian Council Of Insurance Regulators.

CCLA Casualty Claim Law Associate..

CCLS Casualty Claim Law Specialist

CD Certificate Of Deposit.

CDS Credit Default Swap.

CDW Collision Damage Waiver.

CEB Council Of Employer Benefits.

CEBS Certified Employee Benefits Specialist.

CEL Contractors Environmental Liability.

CEN Confiscation, Expropriation, Nationalization .

CEND Confiscation, Expropriation, Nationalization, And Deprivation.

CEPT Credit Equivalent Bypass Trust.

CERCLAComprehensive Environmental Response, Compensation, And Liability Act Of

1980.

CF Contract Frustration.

C&F Cost And Freight.

CFA Chartered Financial Analyst.

CFC Chartered Financial Consultant; Controlled Foreign Corporation.

CFMA Construction Financial Management Association.


33/100

33 P


CFP Certified Financial Planner; Coordinated Financial Planning.

CFROI Cash Flow Return On Investments.

CFTC Commodities And Futures Trading Commission.

CFU Customary Freight Unit.

CGL Commercial General Liability .

CHCM Certified Hazard Control Manager.

CHIAA Crop Hail Insurance Actuarial Association.

CIA Canadian Institute Of Actuaries.

CIAA Canadian Independent Adjusters Association.

CIAB Council Of Insurance Agents And Brokers.

CIC Certified Insurance Counselor.

CICA Captive Insurance Companies Association.

CIF Cost, Insurance, And Freight.

CIH Certified Industrial Hygienist; Compensated Intercorporate Hauling.

CII Chartered Insurance Institute.

CIM Commercial Inland Marine.

CIP Consolidated Insurance Program; Controlled Insurance Program.

CIPO Controlled Insurance Program For Operations.

CIRB Crop Insurance Research Bureau.


34/100

34 P


CISR Certified Insurance Service Representative.

CIT Critical Incident Technique.

CL Claims Leakage.

CLHIA Canadian Life & Health Insurance Association.

CLIEDIS Canadian Life Insurance Edi Standards Association.

CLM Commercial Lines Manual.

CLU Chartered Life Underwriter.

CM Construction Management; Construction Manager.

CMAA Construction Management Association Of America.

CMP Commercial Multiple Peril; Controlled Master Program.

CMT Crisis Management Team.

CNHI Committee For National Health Insurance.

CNP Cotton Named Perils (Insurance).

C/O Completed Operations.

COAA Construction Owners Association Of America.

COB Coordination Of Benefits.

COBRA Consolidated Omnibus Budget Reconciliation Act Of 1985.

COC Course Of Construction.

COGSA Carriage Of Goods By Sea Act Of 1936.


35/100

35 P


COGWA Carriage Of Goods By Water Act Of 1993.

COI Certificate Of Insurance.

COIL Conference Of Insurance Legislators.

COLA Cost Of Living Adjustment.

COO Chief Operating Officer.

COP Commercial Output Policy.

COPE Construction, Occupancy, Protection, Exposure.

COPPA Childrens Online Privacy Protection Act Of 1998.

COR Cost Of Risk.

COSO Committee Of Sponsoring Organizations.

CP Commercial Property .

CPA Certified Public Accountant; Consumer Protection Act.

CPCU Chartered Property Casualty Underwriter.

CPE Certified Professional Engineer.

CPI Consumer Price Index.

CPIW Certified Professional Insurance Woman.

CPL Comprehensive Personal Liability.

CPM Critical Path Method

CPP Certified Protection Professional.


36/100

36 P


CPPA Cable Communications Policy Act Of 1984

CPPL Care Providers Professional Liability.

CPRL Contractors Professional Liability.

CPSA Consumer Product Safety Act Of 1972.

CPSC Consumer Product Safety Commission.

CPSM Certified Product Safety Manager.

CPU Central Processing Unit.

CPWR Center To Protect Workers Rights.

CQE Certified Quality Engineer.

CR Commercial Crime.

CRA Cargo Reinsurance Association.

CRE Certified Reliability Engineer.

CRIS Construction Risk And Insurance Specialist.

CRM Canadian Risk Management.

CRO Chief Risk Officer.

CRS Community Rating System.

C&S Capital And Surplus.

CSC Construction Safety Council.

CSIO Centre For Study Of Insurance Operations.


37/100

37 P


CSL Combined Single Lim.It.

CSO Claim Services Only

CSO

TABLECommissioners Standard Ordinary Table.

CSP Commercial Statistical Plan.

CSR Customer Service Representative.

CTD Cumulative Trauma Disorder.

CTG Control Technique Guidelines.

CURT Construction Users Roundtable.

CV Cash Value.

CVA Captive Value Added.

CVIF Compound Value Interest Factor.

CWCI California Workers Compensation Institute.

CWR Countrywide Rate Pages.

DAC Deferred Acquisition Cost.

DAP Deposit Administration Plan.

D&B Dun & Bradstreet.

D/B/A Doing Business As.

DB&C Dwelling, Building And Contents.


38/100

38 P


DBIA Design- Build Institute Of America

DCC Domestic Cell Captive.

DCF Discounted Cash Flow.

DCIP Developer Controlled Insurance Program.

DDD Dishonesty, Disappearance, And Destruction.

DDL Disclosure Dollar Loss.

DDP Distributed Data Processing.

DEC Declarations Page.

DED Deductible.

DEFS Direct Applied Exterior Finish System.

DEP Direct Earned Premium.

DFA Dynamic Financial Analysis.

DFIRM Digital Flood Insurance Rate Map.

DI Disability Income; Double Indemnity.

DIC Difference-In-Conditions.

DICGC Deposit Insurance and Credit Guarantee Corporation of India.

DIL Difference-In-Limits.

DITC Disability Insurance Training Council.

DJIA Dow Jones Industrial Average.


39/100

39 P


DMA Direct Marketing Association.

DMIC Direct Marketing Insurance Council.

DNI Distributable Net Income.

D&O Directors And Officers (Liability Insurance).

DOB Date Of Birth.

DOC Drive Other Car Coverage.

DOD Date Of Death.

DOHSA Death On The High Seas Act Of 1920.

DOJ Department Of Justice.

DOL Department Of Labor.

DOS Denial Of Service.

DOT Department Of Transportation.

DPP Deferred Premium Payment Plan.

DPPA Drivers Privacy Protection Act Of 1994.

DQO Data Quality Objective.

DR Daily Report.

DRE Destruction And Removal Efficiency.

DRG Diagnostic Related Group.

DRI Defense Research Institute.


40/100

40 P


DSU Delay In Start-Up.

DTI Department Of Trade And Industry.

EA Enrolled Actuary.

EAB Experience Account Balance.

EAP Employee Assistance Program; Estimated Annual Premium.

EAR Erection All Risks.

EBIDDA Earnings Before Interest, Dividends, Depreciation, And Amortization.

EBIT Earnings Before Interest And Taxes.

EBITDA Earnings Before Interest,Taxes,Depreciation And Amortization.

EBRI Employee Benefit Research Institute.

EC Extended Coverage.

ECC Eastern Claims Conference.

ECF Extended Care Facility.

ECFC Employers Council On Flexible Compensation.

ECI Export Credit Insurance.

ECO Extra Contractual Obligations.

ECOR Economic Cost Of Run.

ECP Exempt Commercial Policyholder.

ECPA Electronic Communications Privacy Act Of 1986.


41/100

41 P


EDD Enforcement Decision Document.

EDI Export Development Corporation.

EDP Extended Discovery Period/Provision.

EEL Emergency Exposure Limits.

EEOC Equal Employment Opportunity Commission.

EIFS Exterior Insulation And Finish Systems.

EIL Environmental Impairment Liability.

EIS Environmental Impact Statement.

EJCDC Engineers Joint Contracts Documents Committee.

EL Employers Liability; Expected Loss.

ELL Educators Legal Liability.

ELP Excess Loss Premium .

ELR Expected Loss Rate.

EMAP Environmental Monitoring And Assistance Program.

EMT Emergency Medical Technician.

ENCP Erisa Non Compliance Program.

E&O Errors And Omissions.

EP Earned Premium.

EPA Environmental Protection Agency.


42/100

42 P


EPC Engineering/Procurement Construction.

EPD Expected Policyholder Deficit.

EPL Employment Practices Liability.

EPLI Employment Practices Liability Insurance.

EPS Earnings Per Share.

ERD Expected Reinsurer Deficit.

ERIC Erisa Industry Committee.

ERISA Employee Retirement Income Security Act Of 1974.

ERM Enterprise Risk Management.

ERP Extended Reporting Period.

ERPL Employment-Related Practices Liability.

ERSC Environmental Response Services Contractor.

E&S Excess And Surplus.

ESA Employee Spending Account.

ESI Electronically Stored Information.

ESOP Employee Stock Ownership Plan.

ESOT Employee Stock Ownership Trust.

ETB Engaged In Trade Or Business.

EUO Examination Under Oath.


43/100

43 P


EXPRO Expedited Process

FAA Federal Arbitration Act.

FAC Facultative Reinsurance.

FACTA Fair And Accurate Credit Transactions Act Of 2003.

FAIA Florida Association Of Insurance Agents.

FAIR Fair Access To Insurance Requirements.

FALU Fellow Of The Academy Of Life Underwriting.

FAP Family Automobile Policy.

FAR Federal Aviation Regulations.

FAS Free Along Side.

FASB Financial Accounting Standards Board.

FATA Financial Anti-Terrorism Act (Patriot Act) Of 2001.

FATCA Foreign Account Tax Compliance Act (Fatca).

F&C Fire And Casualty.

FCAS Fellow Of The Casualty Actuarial Society.

FCC Federal Communications Commission.

FCE Functional Capacity Evaluation.

FCIC Federal Crop Insurance Corporation.

FCII Fellowship Of The Chartered Insurance Institute.


44/100

44 P


FCLA Fraud Claim Law Associate.

FCLS Fraud Claim Law Specialist.

FCPA Federal Corrupt Practices Act Of 1910.

FCPA Foreign Corrupt Practices Act Of 1977.

FCPL Farmers Comprehensive Personal Liability.

FCRA Fair Credit Reporting Act Of 1970.

FC&S Free Of Capture And Seizure.

FDIC Federal Deposit Insurance Corporation.

FDPA Flood Disaster Protection Act Of 1973.

FECA Federal Employees Compensation Act Of 1916.

FEGLI Federal Employees Group Life Insurance.

FELA Federal Employers Liability Act Of 1908.

FEMA Federal Emergency Management Agency.

FERMA Federation Of European Risk Management Associations.

FET Federal Excise Tax.

FHBM Flood Hazard Boundary Map.

FHWA Federal Highway Administration

FIA Federal Insurance Administration.

FIC Fraternal Insurance Counselor.


45/100

45 P


FICA Federal Insurance Contribution Act Of 1935.

FICC Federation Of Insurance And Corporate Counsel

FIIC Fellow Of The Insurance Institute Of Canada.

FIO Federal Insurance Office.

FIRM Flood Insurance Rate Map.

FIRREA Financial Institutions Reform, Recovery, And Enforcement Act Of 1989.

FLMI Fellow Of The Life Management Institute.

FLSA Fair Labor Standards Act Of 1938.

FM Factory Mutual.

FMCSA Federal Motor Carrier Safety Administration.

FMCSR Federal Motor Carrier Safety Regulations.

FMHSA Federal Mine Health And Safety Act Of 1969.

FMLA Family And Medical Leave Act Of 1993.

FMV Fair Market Value.

FNMA Federal National Mortgage Association.

FOB Free On Board.

FOC Fire Office Committee Forms.

FOSFI Federal Office Of The Superintendent Of Financial Institutions.

FPA Free Of Particular Average.


46/100

46 P


FPAAC Free Of Particular Average.

FPEB Fire Prevention And Engineering Bureau.

FRM Fellow In Risk Management

FRV Fair Rental Value.

FSA Flexible Spending Account.

FSLIC Federal Savings And Loan Insurance Corporation

FTC Federal Trade Commission.

FTCAC Fire, Theft, And Combined Additional Coverage.

FVD Full Value Declared.

FVWC Foreign Voluntary Workers Compensation.

GA General Agent.

GAAP Generally Accepted Accounting Principles.

GAAS Generally Accepted Auditing Standards.

GAB General Adjustment Bureau.

GAMA General Agents And Managers Association.

GAMC General Agents And Managers Conference.

GAO Government Accountability Office.

GAP Guaranteed Auto Protection.

GASB Governmental Accounting Standards Board.


47/100

47 P


GC Guaranteed Cost.

GCCI Guy Carpenter Catastrophe Index.

GCD Guaranteed Cost Discount.

GCW Gross Combination Weight.

GDP Gross Domestic Product.

GFCI Ground Fault Circuit Interrupter.

GHAA Group Health Association Of America.

GIC Guaranteed Investment Contract.

GINA Genetic Information Nondiscrimination Act Of 2008.

GIO Guaranteed Insurability Option.

GKLL Garage Keepers Legal Liability.

GL General Liability.

GLB Gramm-Leach-Bliley Act Of 1999.

GNEPI Gross/Net Earned Premium Income.

GNMA Government National Mortgage Association.

GNPI Gross/Net Premium Income.

GPO Government Printing Office.

GULP Group Universal Life Program.

GWP Gross Written Premium.


48/100

48 P


HB House Bill.

HCQIA Health Care Quality Improvement Act Of 1986.

HFIE Huebner Foundation For Insurance Education.

HHG Household Goods.

HI Health Insurance.

HIAA Health Insurance Association Of America.

HII Health Insurance Institute.

HIPAA Health Insurance Portability And Accountability Act Of 1986.

HLDI Highway Loss Data Institute.

HLV Human Life Value.

HMO Health Maintenance Organization.

HOLUA Home Office Life Underwriters Association.

HPL Hospital Professional Liability.

HPR Highly Protected Risk.

HR Human Resources.

HRS Hazardous Ranking System.

HSA Health System Agency.

HSP Healthcare Safety Professional.

IAC Industrial Accident Commission.


49/100

49 P


IAHU International Association Of Health Underwriters.

IAIABC International Association Of Industrial Accident Boards & Commissions.

IAIS International Association Of Insurance Supervisors.

IAOC Insurers Advisory Organization Of Canada.

IASA Insurance Accounting And Systems Association, Inc.

IBAC Insurance Brokers Association Of Canada.

IBANS Insurance Brokers Association Of Nova Scotia.

IBC Insurance Bureau Of Canada.

IBNER Incurred But Not Enough Reserved.

IBNR Incured But Not Reported.

IBT Income Before Taxes.

ICA International Claim Association; Insurance Consortium Of America.

ICAC Insurance Committee For Arson Control.

ICC Interstate Commerce Commission.

ICEDS Insurance Company Education Directors Society.

ICIA International Credit Insurance Association.

ICISA International Credit Insurance & Surety Association.

ICP Insurance Conference Planners.

ICPA Insurance Conference Planners Association.


50/100

50 P


ICPI Insurance Crime Prevention Institute.

ICSID International Center For The Settlement Of Investment Disputes.

IDBI Industrial Development Bond Insurance.

IDI Inherent Defects Insurance.

IDL Independent Director Liability.

IDLH Immediately Dangerous To Life And Health.

IDM Integrated Disability Management.

IDMA Insurance Data Management Association.

IEA Insurance Educational Association.

IFC Insured Fixed-Price Cleanup.

IFCA Insurance Fair Conduct Act.

IFEBP International Foundation Of Employee Benefit Plans.

IFSC International Financial Services Centre.

IFSRA Irish Financial Services Regulatory Authority.

IFTA International Fuel Tax Agreement.

IGF Insurance Guaranteed Financing.

IHOU Institute Of Home Office Underwriters.

IIA Insurance Institute Of America, Inc.

IIAA Independent Insurance Agents Of America, Inc.


51/100

51 P


IIABA Independent Insurance Agents And Brokers Of America, Inc.

IIAC International Insurance Advisory Council.

IIAT Independent Insurance Agents Of Texas.

IIC Insurance Institute Of Canada.

IICAE Insurance Industry Consumer Affairs Exchange.

IIE Illinois Insurance Exchange.

IIED Intentional Infliction Of Emotional Distress.

IIHS Insurance Institute For Highway Safety.

III Insurance Information Institute.

IILA International Institute Of Loss Adjusters.

IIMA Insurance Industry Meetings Association.

IIS International Insurance Seminars, Inc.

IJA Interjurisdictional Agreement On Workers Compensation.

IL Interline .

ILAB Insurance Library Association Of Boston.

ILCA Insurance Loss Control Association.

ILF Increased Limits Factor.

ILOC Irrevocable Letter Of Credit.

ILU Institute Of London Underwriters.


52/100

52 P


IMCA Insurance Marketing Communications Association.

IMUA Inland Marine Underwriters Association.

IOS International Organization For Standardization.

IPA Independent Practice Association.

IPAC Insurance Public Affairs Council.

IPD Integrated Project Delivery.

IPFA Insurance Premium Finance Association.

IPO Initial Public Offering.

IPT Insurance Premium Tax.

IR Incident Recall.

IRA Individual Retirement Account.

IRC Insurance Research Council; Internal Revenue Code.

IRES Insurance Regulatory Examiners Society.

IRI Industrial Risk Insurers.

IRIS Insurance Regulatory Information System.

IRM Improved Risk Mutuals.

IRMC Institute For Risk Management Consultants.

IRMI International Risk Management Institute, Inc.

IRP International Registration Plan.


53/100

53 P


IRPM Individual Risk Premium Modification.

IRR Internal Rate Of Return.

IRS Internal Revenue Service.

IRUA Intermediaries & Reinsurance Underwriters Association.

ISCEBS International Society Of Certified Employee Benefits Specialists.

ISO Insurance Services Office, Inc.

ISTEA Intermodal Surface Transportation Efficiency Act Of 1991.

ITA Interjurisdictional Trucking Agreement.

ITC Investment Tax Credit.

ITCIF International Trade Credit Insurance Facility.

ITES Information Technology Enabled Services.

ITI Insurance Testing Institute.

IVANS Insurance Value Added Network Services.

IWH Institute For Work & Health.

JCAH Joint Commission On The Accreditation Of Hospitals.

JCAHO Joint Commission On Accreditation Of Healthcare Organizations

JHA Job Hazard Analysis.

JOA Joint Operating Agreement.

JOBS Jumpstart Our Business Startups Act.


54/100

54 P


JSA Job Safety Analysis.

JUA Joint Underwriting Authority; Joint Underwriting Association.

JV Joint Venture.

LAE Loss Adjustment Expense.

LASH Lighter Aboard Ship

LCA Life Communicators Association.

LCF Loss Conversion Factor.

LDF Loss Development Factor.

LDW Limited Damage Waiver.

LEA Loss Executives Association.

LEED Leadership In Energy And Environmental Design.

LEPC Local Emergency Planning Committee.

LHWCA Longshore And Harbor Workers Compensation Act Of 1927.

LIAA Life Insurance Association Of America.

LIAMA Life Insurance Agency Management Association.

LIBOR London Interbank Offered Rate.

LIC Life Insurance Corporation of India.

LIMRA Life Insurance Marketing & Research Association.

LIRB Liability Insurance Research Bureau.


55/100

55 P


LLC Limited Liability Company.

LMU Loss Mitigation Underwriting.

LOC Letter Of Credit.

LOMA Life Office Management Association.

LPCS Legal Principles Claim Specialist.

LPRT Leading Producers Round Table.

LPSO Lloyds Policy Signing Office.

LPT Loss Portfolio Transfer.

LRRA Liability Risk Retention Act Of 1986.

LTA Lost Time Accident.

LTC Long Term Care.

LTD Long-Term Disability.

LTL Less Than Truckload.

LUMP Limits Under Multiple Policy Years.

LUTC Life Underwriter Training Council,

MAAA Member Of American Academy Of Actuaries.

MAC Maximum Allowable Concentration.

MAP Market Assistance Plan.

MAS Management Advisory Service.


56/100

56 P


MBIA Municipal Bond Insurance Association.

M&C Manufacturers And Contractors (Insurance).

MCA Motor Carrier Act Of 1980.

MCO Managed Care Organization.

MCR Minimum Capital Requirement.

MCS Monte Carlo Simulation.

M&D Minimum And Deposit.

MDL Maximum Dollar Loss.

MDO Monthly Debit Ordinary Life Insurance.

MDRT Million Dollar Round Table.

MET Multiple Employer Trust.

MEWAS Multiple Employer Welfare Associations.

MEWP Mobile Elevated Work Platform.

MFL Maximum Foreseeable Loss.

MGA Managing General Agent.

MGU Managing General Underwriter.

MIB Medical Information Bureau.

MICA Mortgage Insurance Companies Of America.

MICRA Medical Injury Compensation Reform Act Of 1975


57/100

57 P


MIGA Multilateral Investment Guarantee Agency.

MIS Management Information System.

MLE Maximum Loss Expectancy.

MLEA Multiple Line Exclusive Agent.

MLIS Management Liability Insurance Specialist.

MLR Multiple Location Risk.

MMI Maximum Medical Improvement.

MMII Mass Marketing Insurance Institute.

MMSEA Medicare, Medicaid, And SCHIP Extension Act Of 2007.

MOL Mitigation Of Loss.

MOP Manufacturers Output Policy.

MORT Management Oversight And Risk Tree.

MOSB Mercantile Open Stock Burglary.

MP Minimum Premium; Multiple Peril.

MPCI Multi-Peril Crop Insurance.

MPEE Multi-Period Excess Earnings.

MPL Maximum Possible Loss.

MPP Managed Premium Plan.

MPRMA Missouri Public Risk Management Association.


58/100

58 P


MSA Market Service Agreement; Master Service Agreement.

MSAWPA Migrant And Seasonal Agricultural Worker Protection Act Of 1983.

MSBF Money And Securities Broad Form.

MSD Musculoskeletal Disorder.

MSDS Material Safety Data Sheet.

MSVR Mandatory Securities Valuation Reserve.

MTC Motor Truck Cargo.

MVC Mean/Variance/Covariance.

MVIC Market Value Of Invested Capital.

MVR Motor Vehicle Record.

MYSL Multiyear Single Limit.

NAA National Association Of Accountants.

NAAQS National Ambient Air Quality Standard.

NABRTI National Association Of Bar- Related Title Insurers.

NACA National Association Of Catastrophe Adjusters.

NACIA National Association Of Crop Insurance Agents.

NAFI National Association Of Fire Investigators.

NAFIC National Association Of Fraternal Insurance Counselors.

NAFTA North American Free Trade Agreement.


59/100

59 P


NAHU National Association Of Health Underwriters.

NAIA National Association Of Insurance Agents.

NAIC National Association Of Insurance Commissioners.

NAICS North American Industry Classification System.

NAIFA National Association Of Insurance And Financial Advisors.

NAII National Association Of Independent Insurers.

NAIIA National Association Of Independent Insurance Adjusters.

NAIIO Non- Admitted Insurers Information Office.

NAIW National Association Of Insurance Women.

NALC National Association Of Life Companies.

NAMIC National Association Of Mutual Insurance Companies.

NAOHP National Association Of Occupational Health Professionals.

NAPEO National Association Of Professional Employer Organizations.

NAPIA National Association Of Public Insurance Adjusters.

NAPSLO National Association Of Professional Surplus Lines Offices.

NARAB National Association Of Registered Agents And Brokers.

NASBA National Association Of State Boards Of Accountancy.

NASBP National Association Of Surety Bond Producers.

NASD National Association Of Securities Dealers.


60/100

60 P


NASDAQ National Association Of Securities Dealers Automated Quotations.

NASI National Academy Of Social Insurance.

NASP National Association Of Subrogation Professionals.

NATB National Automobile Theft Bureau.

NAUA National Auto Underwriters Association.

NBCR Nuclear, Biological, Chemical Or Radiological Weapons.

NBFU National Board Of Fire Underwriters.

NCCI National Council On Compensation Insurance.

NCCMP National Coordinating Committee For Multi

NCIGF National Conference Of Insurance Guaranty Funds.

NCIL National Conference Of Insurance Legislators.

NCOIL National Conference Of Insurance Legislators.

NCPI National Committee On Property Insurance.

NCSI National Council Of Self.

NCUA National Credit Union Administration.

NDI National Disaster Insurance Association.

NEAB Notional Experience Account Balance.

NEFE National Endowment For Financial Education.

NEISS National Electronic Injury Surveillance System.


61/100

61 P


NEPA National Environmental Policy Act Of 1969.

NFIA Nonappropriated Fund Instrumentalities Act Of 1952.

NFCA National Fraternal Congress Of America.

NFFE Nonfinancial Foreign Entity.

NFIP National Flood Insurance Program.

NFIRA National Flood Insurance Reform Act Of 1994.

NFPA National Fire Protection Association.

NFUCWCNational Foundation For Unemployment Compensation And Workers

Compensation.

NHCAA National Health Care Anti- Fraud Association.

NHI National Health Insurance.

NHTSA National Highway Traffic Safety Administration.

NICB National Insurance Crime Bureau.

NICO National Insurance Consumer Organization.

NIDC National Insurance Development Corporation.

NIOSH National Institute For Occupational Safety And Health.

NIPA National Institute Of Pension Administrators.

NIRP National Insurance Risk Profile.

NISS National Independent Statistical Service.


62/100

62 P


NLE Normal Loss Expectancy Of A Risk.

NOA Naturally Occurring Asbestos.

NOC Not Otherwise Classified.

NODS Non-Owned Disposal Sites.

NOL Not Officially Lapsed.

NOLHIGA National Organization Of Life And Health Insurance Guaranty Associations.

NP Named Perils.

NPD No Payroll Division.

NPDB National Practitioner Data Bank.

NPL National Priority List.

NPV Net Present Value.

NRC Nuclear Regulatory Commission.

NRMC Nonprofit Risk Management Center.

NRRA National Risk Retention Association.

NRT National Response Team.

NSIPA National Society Of Insurance Premium Auditors.

NSLI National Service Life Insurance.

NSP Net Single Premium.

NSPA National Society Of Public Accountants.


63/100

63 P


NSPE National Society Of Professional Engineers.

NSPS New Source Performance Standards.

NTSB National Transportation Safety Board.

NVD No Value Declared.

OASDHI Old Age, Survivors, Disability, And Health Insurance (Act) Of 1935.

OCA Outstanding Claims Account.

OCIP Owner Controlled Insurance Program.

OCP Owners And Contractors Protective.

OCSLA Outer Continental Shelf Lands Act Of 1953.

OECD Organization For Economic Cooperation And Development.

OEE Operators Extra Expense.

OFA Organized Flying Adjusters.

OGP Original Gross Premium.

OI Outage Insurance.

OIS Operating Information System.

OL&T Owners, Landlords, And Tenants.

O&M Operations And Maintenance.

OMCS Office Of Motor Carrier Standards.

OPIC Overseas Private Investment Corporation.


64/100

64 P


OPPI Owners Protective Professional Indemnity.

ORFS Operational Risk Financing Securities.

ORM Operational Risk Management.

OSHA Occupational Safety And Health Administration.

OSLR Outstanding Loss Reserves.

OTC Other Than Collision.

PA Particular Average; Predictive Analytics.

PAAS Premium Audit Advisory Service.

PAC Political Action Committee.

PAIU Professional Association Of Insurance Underwriters.

PAP Personal Auto Policy.

PARMA Public Agency Risk Managers Association.

PAS Premium Allocation System.

PBGC Pension Benefits Guaranty Corporation.

PC Professional Corporation.

P&C Property And Casualty.

PCAOB Public Company Accounting Oversight Board.

PCC Protected Cell Captive.

PCI Property Casualty Insurers Of America.


65/100

65 P


PCIP Partner Controlled Insurance Program.

PCLA Property Claim Law Associate.

PCLS Property Claim Law Specialist.

PDA Pregnancy Discrimination Act Of 1978.

PDL Personal Director Liability.

PEBB Public Employee Blanket Bond.

PEO Professional Employer Organization.

PERT Performance, Evaluation, And Review Technique.

PI Personal Injury.

P&I Protection And Indemnity.

PIA Primary Insurance Account.

PIAA Physician Insurers Association Of America.

PICA Professional Insurance Communicators Of America.

PII Personally Identifiable Information.

PIP Personal Injury Protection.

PIPEDA Personal Information Protection And Electronic Documents Act Of 2000.

PIPSO Property Insurance Plans Service Office.

PL Professional Liability.

PLE Primary Loss Expectancy.


66/100

66 P


PLL Pollution Legal Liability.

PLR Primary Loss Retention.

PLRB Property Loss Research Bureau.

PLUS Professional Liability Underwriting Society.

PMA Package Modification Adjustment.

PMF Package Modification Factor.

PMI Private Mortgage Insurance.

PML Probable Maximum Loss.

PMPL Project Management Protective Liability.

PNOC Provisional Notice Of Cancellation.

POL Public Officials Liability.

PORC Producer-Owned Reinsurance Company.

PPACA Patient Protection And Affordable Care Act.

PPF Personal Property Floater.

PPO Preferred Provider Organization.

PR Pro Rata.

PRD Pro Rata Distribution.

PRI Political Risk Insurance.

PRIMA Public Risk Management Association.


67/100

67 P


PRM Personal Risk Management.

PRO Peer Review Organization.

PRP Potentially Responsible Party; Preferred Risk Policy.

PSA Placement Service Agreement.

PSAC Policy Signing And Accounting Centre .

PSC Public State Commission; Public Service Commission.

PSI Pollutant Standard Index.

PSLRA Private Securities Legislation Reform Act.

PSRO Professional Standards Review Organization.

PTE Prohibited Transaction Exemption.

P3 Public

PUC Public Utilities Commission.

PURMA Public Utilities Risk Management Association.

PV Present Value.

QC Quality Control.

QIP Quality Indicator Profile.

QIS Quantitative Impact Study.

QPC Qualified Pollution Exclusion.

Q TIPQualified Terminable Interest Property Trust.


68/100


69/100

69 P


RIMAS Risk & Insurance Management Association Of Singapore.

RIMS Risk And Insurance Management Society, Inc.

RM Risk Management.

RMF Rate Modification Factor.

RMIA Risk Management Institution Of Australasia Ltd.

RMIS Risk Management Information System.

RML Residual Market Load.

ROC Research And Oversight Council On Workers Compensation.

ROCIP Rolling Owner Controlled Insurance Program.

ROE Return On Equity.

ROEBI Return On Employee Benefits Investment.

ROI Return On Investment.

ROL Rate On Line.

RORAC Return On Risk-Adjusted Capital.

RP Return Premium.

RPG Risk Purchasing Group.

RPII Related Party Insurance Income.

RPLU Registered Professional Liability Underwriter.

RPM Remedial Project Manager.


70/100

70 P


RPMP Risk Premium Modification Plan.

RQ Reportable Quantity.

RRA Risk Retention Act Of 1986.

RRE Responsible Reporting Entity.

RRG Risk Retention Group.

RRP Railroad Protective.

RRSP Registered Retirement Saving Plan.

RSPA Research And Special Programs Administration.

RTC Resolution Trust Corporation.

RTW Return To Work.

SA Society Of Actuaries.

SAA Surety Association Of America.

(SAAS) Software As A Service Model.

SAC Separate Account Company.

SAP Statutory Accounting Principles.

SARA Superfund Amendments And Reauthorization Act Of 1986.

SARBOX Sarbanes-Oxley Act Of 2002.

SAWCA Southern Association Of Workers Compensation Administrators.

SAWW Statewide Average Weekly Wage.


71/100

71 P


SB Senate Bill.

SBLI Savings Bank Life Insurance.

SBU Series Business Unit.

SCAS Securities Class Action Suits Filings.

SCC Segregated Cell Captive.

SCCIA South Carolina Captive Insurance Association.

SCHIP State Childrens Health Insurance Program.

SCIC Society Of Certified Insurance Counselors.

SCLA Senior Claim Law Associate.

SCOH Statistical Coding Occupancy Hazard.

SCOPE Supervision, Construction, Occupancy, Protection, Exposure.

SCPCU Society Of Chartered Property & Casualty Underwriters.

SCR Solvency Capital Requirement.

SEC Securities And Exchange Commission.

SEMCI Single-Entry Multiple Company Interface.

SEP Simplified Employee Pension.

SERC State Emergency Response Commission.

SERP Senior Executive Retirement Plan.

SERP Supplementary Employee Retirement Plan.


72/100

72 P


SEUA Southeastern Underwriters Association.

SF Standard Fire Forms.

SFAA Surety & Fidelity Association Of America .

SFHA Special Flood Hazard Area.

SFIP Standard Flood Insurance Policy.

SFP Standard Fire Policy.

SGLI Servicemens Group Life Insurance.

SIA Society Of Insurance Accountants.

SIC Standard Industrial Classification.

SIFM Society Of Insurance Financial Management.

SIG Self- Insurance Group.

SIIA Self- Insurance Institute Of America.

SIO Surety Information Office.

SIP State Implementation Plans.

SIPC Securities Investor Protection Corporation.

SIR Self-Insured Retention; Society Of Insurance Research.

SIRP Self- Insured Reimbursement Policy.

SITE Society Of Insurance Trainers And Educators.

SIU Special Investigative Unit.


73/100

73 P


SK Storekeepers.

S&L Savings And Loan.

SL Sprinkler Leakage.

SLC Special Litigation Committee.

SLR Stop-Loss Reinsurance.

SLUSA Securities Litigation Uniform Standards Act.

SME Small And Medium Enterprises.

SMP Special Multi

SNUR Significant New Use Rule.

SOA Society Of Actuaries.

SOX Sarbanes-Oxley Act Of 2002.

S&P Standard And Poors.

SPAP Special Personal Auto Policy.

SPBA Society Of Professional Benefit Administrators.

SPCV Special Purpose Corporate Vehicle.

SPECS Specifications.

SR Short Rate.

SRA Society For Risk Analysis.

SR&CC Strikes, Riots, And Civil Commotions.


74/100

74 P


SRMC Society Of Risk Management Consultants.

SSA Social Security Administration.

SSAP 62 Statement Of Statutory Accounting Principles No. 62.

SSRS Single State Registration System.

STD Short- Term Disability.

TAM Technical Advice Memorandum.

TAIL VAR Tail Value At Risk.

TAMRA Technical And Miscellaneous Revenue Act Of 1988.

TCD Treasury Certificate