common abbreviations used in insurance industry
Let Us Check Out most commonly used Insurance abbreviations, which are frequently used in Insurance Parlance.
American Agricultural Insurance Company | |
ABIR | Association of Bermuda Insurers and Reinsurers |
ABS | Anti-Lock Braking System |
AB | Allowed Benefit |
AC | Arbitration Clause |
ACC | Average Claims Cost |
Associate of the Chartered Insurance Institute (CII) | |
AFIS | Agribusiness And Farm Insurance Specialist |
A&H | Accident and Health Insurance |
Association of Home Office Underwriters | |
AI | Artificial Intelligence |
Aviation Insurance Association | |
Alliance Of Insurance Agents And Brokers | |
AIBA | African Insurance Brokers’ Association |
American Institute of Chemical Engineers | |
AIU | Association of Insurance Underwriters |
ALM | Asset-liability Management |
ALU | Academy of Life Underwriting |
AML | Anti Money Laundering |
AMT | Automatic Manual Transmission |
AOG | Act of God |
APH | Asbestos, Pollution & Health hazards |
ARC | Association of Run-off Companies |
ARROW | Advanced risk response operating framework |
ART | (1) alternative risk transfer (2) annual renewable term (life assurance) |
AYUSH | Ayurvedic, Unani, Sidhha, Homeopathy |
BC | Burning Cost |
BIA | British Insurance Association (superseded in 1985 by the ABI) |
British Insurance Brokers’ Association | |
BIEC | British Insurers’ European Committee |
BIIBA | British Insurance & Investment Brokers Association |
British Insurance Law Association | |
Bureau of Indian Standards | |
BPO | Business Process Outsourcing |
Brokers and Reinsurance Markets Association | |
CAA | Civil Aviation Authority |
CAR | Contractor’s All Risks |
CAT | Catastrophe |
CC | Cubic Capacity |
CCDB | Corporate Claims Data Base |
Center for Chemical Process Safety | |
CE | Claim Expense (Loss Expense or Adjustment Expense) |
CFD | Computational Fluid Dynamics |
CFR | Cost and Freight |
CFPS | Certified Fire Protection Specialist |
CI | Compulsory Insurance |
CIF | Cost, Insurance, Freight |
CII | Chartered Insurance Institute |
CIIBA | Council of International Insurance Brokers’ Association (Asia/Pacific Rim) |
CILA | Chartered Institute of Loss Adjusters |
CIP | Carriage &Insurance paid |
CIRC | China Insurance Regulatory Commission |
CL | Consequential Loss |
CMB | Claims Made Basis |
COB | Claims Occurring Basis |
COC | Certificate of Coverage |
COOC | Change of Ownership Clause |
COPE | Construction, Occupancy, Protection, Exposure |
CPA | Contractors Plant Association |
CPM | Contractors Plant & Machinery |
CRESTA | Catastrophe Risk-Evaluating and Standardising Target Accumulations |
CSC | Claims Standards Council |
CSR | Corporate social responsibility |
CVT | Continuous Variable Transmission |
DCT | Dual Clutch Transmission |
DGCA | Directorate General of Civil Aviation |
DGFASLI | Directorate General Factory Advice Service & Labour Institute |
DIMA | Dublin International Insurance & Management Association |
DNIR | Dubai National Insurance and Reinsurance |
DOT | Department of Transport |
DSU | Delay in start up |
EAR | Erection All Risk |
ECGC | Export Credit & Guarantee Corporation |
European Insurance and Occupational Pensions Authority | |
EML | Estimated Maximum Loss |
EOB | Explaination of Benefits |
ERM | - Enterprise-wide risk management - Exchange Rate Mechanism |
ESP | Electronic Stability Program |
EQ | Earthquake |
EWS | Early Warning System |
EX R/I | Excess of Loss Reinsurance |
FAA | Federal Aviation Authority |
FAC | Facultative |
FAC/OBLIG | Facultative/Obligatory Treaty |
FAC/RI | Facultative Reinsurance |
FAIR | Federation of Afro-Asian Insurers & Reinsurers |
FCII | Fellow of the Chartered Insurance Institute |
FDA | Food and Drug Administration |
FDI | Foreign Direct Investment |
FERMA | Federation of European Risk Management Associations |
FIL | Foreign Insurance Legislation |
FIRTO | Fire Insurers’ Research and Testing Organisation |
FOB | free on board |
FOIL | Federation of Insurance Lawyers |
FPA | Fire Protection Association |
FSMA | Financial Services Modernization Act 1999 |
GPS | Global Positioning System |
GWP | Gross Written Premium |
HIPAA | Health Insurance Portability and Accountability Act of 1996 |
HPR | High Protected Risk |
HRA | Health Reinsurance Association |
HSN | Harmonized System of Nomenclature |
HIRA | Hazard Identification and Risk Analysis |
IACP | International Association of Claim Professionals |
IBNR | Incurred but not reported (IBNR)losses. This is for losses that have occurred during a stated period, usually a calendar year, but have not yet been reported to the insurer. |
ICD | International Classification of Disease |
International Committee of Insurance Medicine | |
ICSI | Institute of Company Secretaries of India |
IDV/NAV | Insured Declared Value or Net Asset Value |
IGMS | Integrated Grievance Management System |
IIB | Insurance Information Bureau of India |
Insurance Institute for Highway Safety | |
III | Insurance Institute of India |
IIRM | Institute of Insurance and Risk Management |
IOT | Internet of Things |
Instituto de Resseguros do Brasil | |
Insurance Regulatory and Development Authority of India | |
Incident Reporting and Information System/ Insurance Regulatory Information System | |
IRT | Institute of Road Transport |
Istanbul Underwriting Center | |
JCAHO | Joint Accredition of Healthcare Organization |
Joint Commission International | |
KART | Korea Automobile Insurance Repair Research and Training Centre |
London & International Insurance Brokers Association | |
LIDAR | LIDAR is a remote sensing technique, in which distance is measured by Illuminating an object with a laser(infrared or UV)and then measuring what is reflecting back |
LIRB | Liability Insurance Research Bureau |
LIRMA | London Insurance and Reinsurance Market Association |
Life Office Management Association | |
LPA | Loss Prevention Association of India |
LPC | Loss Prevention Council |
LPM | Loss Prevention and Minimization |
LRQA | LIyods Register of Quality Assurance |
MACT | Motor Accident Claim Tribunal |
Munich American Reassurance Company | |
MB | Machinery Breakdown |
MLOP | Machinery Loss of Profits |
Ministry of Road Transport and Highways | |
MPL | Maximum Possible Loss |
MPV | Multi-Purpose Vehicle |
MSDS | Material Safety Data Sheet |
National Association of Insurance Commissioners | |
NCAP | New Car Assessment Program |
NDC | National Drug Code |
NCB | No Claim Bonus |
NFIP | National Flood Insurance Program |
National Fire Protection Association | |
NGO | Non- Governmental Organization |
National Insurance Academy | |
NIC | National Industrial Classification |
NIOSH | National Institute for Occupational Safety and Health |
No Permission, No Take off | |
National Reinsurance Corporation of the Philippines | |
NTCC | National Traffic Call Centre |
National Transportation Safety Board | |
OCL | Outstanding Claims Liability |
U.S. Occupational Safety and Health Administration | |
PPD | Permanent Partial Disablement |
PPN | Preferred Provider Network |
PML | Probable Maximum Loss- Maximum loss under any policy. Insurance companies use this term to underwrite the policy mentioning this as Limit for per event or policy period |
QA | Quality Assurance |
QI | Quality Improvement |
QS | Quota Shares |
RIV | Reinstatement Value |
RSMD | Riot, Strike, Malicious Damage |
SAHI | Stand Alone Health Insurer |
SAMI | Stand Alone Motor Insurer |
SFPE | Society of Fire Protection Engineers |
Reinsurance Association of America | |
RI | Reinsurance |
RISC | Risk Insight, Strategy & control authority |
RITC | Reinsurance to Close (An accounting Practice) |
R & P | Reconstruction & Renewal |
Reinsurance Research Council | |
RX | Prescription Drug |
RTMC Act | Road Traffic Management Corporation Act |
RSBY | Rashtriya Swastha Bima Yojna |
RTO | Regional Transport Office |
SUV | Sport Utility Vehicle |
TAC | Tariff Advisory Committee |
TPA | Third Party Administrator |
TTD | Temporary Total Disablement |
UAV | Unmanned Aerial Vehicle |
UASes | Unmanned Aircraft Systems |
XOL | Excess of Loss |