Common Insurance Acronyms: Insurance Terms Explained (2024)
Unlock the secrets of insurance language with our comprehensive guidebook: a valuable resource for demystifying and understanding the most commonly used insurance acronyms. Empower yourself with knowledge and make informed decisions about your coverage. Gain confidence in navigating the complex world of insurance terminology.
UPDATED: May 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Brandon Frady
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Brandon Frady has been a licensed insurance agent and insurance office manager since 2018. He has experience in ventures from retail to finance, working positions from cashier to management, but it wasn’t until Brandon started working in the insurance industry that he truly felt at home in his career. In his day-to-day interactions, he aims to live out his business philosophy in how he treats hi...
Licensed Insurance Agent
UPDATED: May 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: May 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
UPDATED: May 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Welcome to our comprehensive handbook, the Common Insurance Acronyms Guidebook, where we are dedicated to unraveling the complex world of insurance acronyms. If you’ve ever felt overwhelmed by the alphabet soup of terms in insurance policies, especially P&C insurance acronyms, know that you’re not alone. We’re here to guide you through, including discussing topics like OSP with Flexa and deciphering PCN at GEICO.
In this comprehensive resource, we will provide you with a clear understanding of the most frequently used insurance acronyms, ensuring you can confidently navigate the complexities of the insurance landscape. Whether it’s deciphering terms like PPO, HMO, or COBRA, our guidebook covers all the key topics you need to know. Additionally, we’ll include a life insurance abbreviations list and explain the oc insurance meaning.
Empower yourself with comprehensive understanding of insurance terminology, ensuring that puzzling abbreviations don’t obstruct your capacity to make well-informed choices about your coverage. Seize control of your insurance expertise today, especially when it comes to deciphering health insurance card abbreviations and mastering insurance vocabulary words.
Enter your zip code below and compare rates from top insurance providers, ensuring you find the best coverage options tailored to your needs.
A
ACSR – Accredited Customer Service Representative
ARM – Associate in Risk Management
ARM-P – Associate in Risk Management for Public Entities
ASOP – Actuarial Statement of Practice
B
BAP – business auto policy
BCBSA – Blue Cross and Blue Shield Association
BI – bodily injury
BOP – business owners policy
C
CFROI – cash flow return on investments
CRIS – Construction Risk and Insurance Specialist
CIC – Certified Insurance Counselor
CISR – Certified Insurance Service Representative
CPCU – Chartered Property Casualty Underwriter
CPIW / CPIM – Certified Professional Insurance Woman / Man
CCC – care, custody, or control (exclusion)
COBRA – Consolidated Omnibus Budget Reconciliation Act
D
D&B – Dun & Bradstreet
DEC – declarations page
DED – deductible
DI – disability income
DIC – difference-in-conditions (insurance)
DIL – difference-in-limits (clause)
D&O – directors and officers (liability insurance)
DSU – delay in start-up insurance
DOB – date of birth
DOC – drive other car coverage
DOD – date of death
E
EAP – estimated annual premium
EBIDDA – earnings before interest, dividends, depreciation, and amortization
EH&S – environmental health and safety
EP – earned premium
EPA – Environmental Protection Agency
EPD – expected policyholder deficit
EPL – employment practices liability
EPLI – employment practices liability insurance
ETB – engaged in trade or business
F
FAIR – Fair Access to Insurance Requirements
FALU – Fellow of the Academy of Life Underwriting
FCAS – Fellow of the Casualty Actuarial Society
FAP – family automobile policy (more commonly PAP)
FCPL – farmers comprehensive personal liability
FCRA – Fair Credit Reporting Act
FIRM – flood insurance rate map
FIRREA – Financial Institutions Reform Recovery and Enforcement Act
FMV – air market value
FTCAC – fire, theft, and combined additional coverage
FVD – full value declared
G
GAP – guaranteed auto protection
GCD – guaranteed cost discount
GIO – guaranteed insurability option
GKLL – garagekeepers legal liability (insurance)
GL – general liability
GVW – gross vehicle weight
GWP – gross written premium
H
HIAA – Health Insurance Association of America
HII – Health Insurance Institute
HIPAA – Health Insurance Portability and Accountability Act
HLDI – Highway Loss Data Institute
HLV – human life value
HCQIA – Health Care Quality Improvement Act
HPL – hospital professional liability (insurance)
HPR – highly protected risk (property)
I
IAHU – International Association of Health Underwriters
IFC – insured fixed-price cleanup
IIAA – Independent Insurance Agents of America, Inc.
IIAC – International Insurance Advisory Council
IIHS – Insurance Institute for Highway Safety
III – Insurance Information Institute
IRI – Industrial Risk Insurers
IRIS – Insurance Regulatory Information System
IRM – improved risk mutuals
ITI – Insurance Testing Institute
J
JCAH – Joint Commission on the Accreditation of Hospitals
JCAHO – Joint Commission on Accreditation of Healthcare Organizations
JSA – job safety analysis
JUA – joint underwriting authority; joint underwriting association
JV – joint venture
L
LAE – loss adjustment expense
LIAA – Life Insurance Association of America
LIAMA – Life Insurance Agency Management Association
LIRB – Liability Insurance Research Bureau
LLC – limited liability company
LMU – loss mitigation underwriting
LOC – letter of credit
LTA – lost time accident; long term agreement
LTD – long-term disability
M
MCO – managed care organization
M&D – minimum and deposit
MDO – monthly debit ordinary life insurance
MDRT – Million Dollar Round Table
MET – multiple employer trust
MFL – maximum foreseeable loss
MLE – maximum loss expectancy
MLEA – multiple line exclusive agent
MPCI – multi-peril crop insurance
MPL – maximum possible loss
MPP – managed premium plan
MVR – motor vehicle record
N
NAUA – National Auto Underwriters Association
NDI – National Disaster Insurance Association
NFIP – National Flood Insurance Program
NFIRA – National Flood Reform Act
NFPA – National Fire Protection Association
NIOSH – National Institute for Occupational Safety and Health
NRRA – National Risk Retention Association
NRT – National Response Team
NSC – National Safety Council
O
OCA – outstanding claims account
OCIP – owner controlled insurance program
OD – occupational disease
OL&T – owners, landlords, and tenants (insurance)
ORFS – operational risk financing securities
ORM – operational risk management
OSHA – Occupational Safety and Health Act; Occupational Safety and Health Administration
OSLR – outstanding loss reserves
OTC – other than collision
P
PAP – personal auto policy
P&C – property and casualty
PC – professional corporation
P&I – protection and indemnity (insurance)
PI – personal injury
PIA – primary insurance account
PIAA – Physician Insurers Association of America
PICA – Professional Insurance Communicators of America
PIP – personal injury protection
PMA – package modification adjustment
PMF – package modification factor
PMI – private mortgage insurance
PML – probable maximum loss
R
RAA – Reinsurance Association of America
RAM – reverse-annuity mortgage
RAROC – risk-adjusted return on capital
RARORAC – risk-adjusted return on risk-adjusted capital
RBC – risk-based capital
RBNE – reserved but not enough
RC – replacement cost
RTW – return to work
S
SAA – Surety Association of America
SCOPE – supervision, construction, occupancy, protection, exposure
SCPCU – Society of Chartered Property & Casualty Underwriters
SEC – Securities and Exchange Commission
SEMCI – single entry multiple carrier interface
S&P – Standard and Poor’s
SPAP – Special Personal Auto Policy
STD – short-term disability
T
TDB – temporary disability benefits
TDI – trade disruption insurance
TEFRA – Tax Equity and Financial Responsibility Acts of 1982 & 1983
TERI – targeted enterprise risk insurance
TIAA – Teachers Insurance and Annuity Association
TOLI – trust-owned life insurance
TOR – technique of operations review
TPA – third-party administrator
TRA – Tax Reform Act of 1984
TRIA – Terrorism Risk Insurance Act
TTD – temporary total disability
U
UEP – unearned premium
UJF – unsatisfied judgment fund
UIM – underinsured motorist
UIMV – underinsured motor vehicle
UL – umbrella liability; Underwriters’ Laboratories
ULAE – unallocated loss adjustment expenses
ULC – Underwriters Laboratories of Canada
UM – uninsured motorist
UMPD – uninsured motorist property damage
UMV – uninsured motor vehicle
UNL – ultimate net loss
U&O – use and occupancy
W
WC – Workers Compensation
WCRI – Workers Compensation Research Institute
Y
YRCT – yearly renewable convertible term
YRT – yearly renewable term
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Frequently Asked Questions
What are some common insurance acronyms?
Common insurance acronyms may include:
- BOP: Business Owner’s Policy
- COBRA: Consolidated Omnibus Budget Reconciliation Act
- D&O: Directors and Officers
- EPLI: Employment Practices Liability Insurance
- HMO: Health Maintenance Organization
- PIP: Personal Injury Protection
- PLI: Public Liability Insurance
- RCV: Replacement Cost Value
- UIM: Underinsured Motorist
- UM: Uninsured Motorist
What is a BOP?
A BOP, or Business Owner’s Policy, combines property and liability insurance into one package. It’s tailored for small businesses and provides comprehensive coverage in a cost-effective way. For questions about property insurance abbreviations or assistance with QuoteWizard, contact customer service.
What is COBRA?
COBRA, also referred to as the Consolidated Omnibus Budget Reconciliation Act, is a federal law that allows certain employees to continue their health insurance coverage after leaving their job. The employee is responsible for paying the entire premium, including the portion previously paid by the employer. This information can be found on the website www.usinsuranceagents.com.
What is D&O insurance?
D&O insurance, or Directors and Officers insurance, is a type of liability insurance that provides coverage for claims made against directors and officers of a company for wrongful acts or omissions in their capacity as directors or officers.
What is EPLI insurance?
EPLI insurance, or Employment Practices Liability Insurance, is a type of liability insurance that provides coverage for claims made by employees against their employer for employment-related issues such as discrimination, harassment, or wrongful termination.
What is an HMO?
An HMO, or Health Maintenance Organization, is a type of managed care health insurance plan that typically requires members to choose a primary care physician and obtain referrals to see specialists. HMOs often offer lower out-of-pocket costs but may have more restrictions on providers and services.
What is PLI insurance?
PLI insurance, or Public Liability Insurance, is a type of liability insurance that provides coverage for claims made against a business or individual for bodily injury or property damage to third parties.
Can you provide a list of commercial insurance acronyms?
An inventory of commercial insurance abbreviations might encompass BOP (Business Owner’s Policy), GL (General Liability), WC (Workers Compensation), and E&O (Errors and Omissions). Additionally, in the realm of auto insurance abbreviations, examples could include BI (Bodily Injury), PD (Property Damage), UM (Uninsured Motorist), and PIP (Personal Injury Protection).
What does “abbreviation for coverage” mean in insurance?
In the realm of property and casualty insurance abbreviations, “Abbreviation for coverage” often denotes the condensed forms utilized to signify different types of insurance coverage. For example, BI stands for Bodily Injury, while PD represents Property Damage.
Can you explain the abbreviation for underinsured motorist coverage?
UIM, an abbreviation for underinsured motorist coverage, provides protection in case of an accident involving a driver whose insurance coverage limits are inadequate to compensate for your damages. This coverage is particularly important when seeking the best cheap car insurance in Brandon, ensuring you’re safeguarded against potential financial losses resulting from underinsured drivers.
Where can I find an auto insurance coverage abbreviations list?
You can locate an auto insurance coverage abbreviations list from various insurance resources online or in insurance policy documents, which may also shed light on the CL insurance meaning.
Can you simplify auto insurance terminology for dummies?
Auto insurance terminology explained in layman’s terms breaks down intricate insurance language into simple explanations suitable for newcomers or individuals lacking familiarity with insurance terms, including the CM full form in insurance.
Can you define car insurance terms and definitions?
Car insurance abbreviations and definitions span a wide array of terms utilized to articulate coverage, policies, and the steps entailed in handling claims within the car insurance industry.
How are car insurance terms explained
Car insurance terms are elucidated through definitions and explanations provided by insurers, insurance agents, and online resources, shedding light on the CPCU meaning in medical insurance.
What is CPM insurance?
CPM insurance might abbreviate Cost Per Mille (or Cost Per Thousand) insurance, which covers expenses based on impressions in advertising. It’s important to note that this abbreviation is different from CPCU, which is recognized as a medical abbreviation.
What does CRI insurance cover?
CRI insurance usually stands for Contractor’s Risk Insurance, which offers coverage for the risks linked to construction projects and contractors, including liability and property damage. Additionally, USAA acronym meaning refers to the United Services Automobile Association, a financial services company catering primarily to military members and their families.
What does CTL insurance stand for?
CTL insurance, also known as Contract Termination Liability insurance, offers coverage for losses incurred due to contract terminations. This type of insurance protects against financial liabilities arising from the cancellation of contracts. Additionally, it’s important to note that GEICO offers gap insurance, which covers the difference between what you owe on your car and its actual cash value in the event of a total loss.
What does CYA insurance protect against?
CYA insurance, also known as “cover your assets” insurance, is a colloquial term referring to insurance coverage designed to safeguard against unforeseen risks or liabilities. This type of insurance ensures protection against unexpected events or legal obligations. Regarding the keyword “GEICO acronym meaning,” GEICO stands for Government Employees Insurance Company, an insurance provider known for offering various types of insurance coverage to its customers.
Does GEICO offer gap insurance?
Yes, GEICO provides gap insurance, which safeguards you against the disparity between your car’s loan balance and its market value should it incur a total los
What is the FAP full form in chat?
The interpretation of FAP in business chat contexts can vary, potentially representing “Frequently Asked Questions,” “Family Assistance Program,” or other relevant meanings within the business sphere.
What does MDO stand for in insurance?
MDO in insurance stands for Monthly Debit Ordinary life insurance, which is a type of life insurance policy where premiums are paid on a monthly basis.
What is the meaning of OV in insurance?
OV in insurance may stand for Occurrence Value, which represents the value of an occurrence or event covered by an insurance policy.
What does P&C stand for in insurance?
P&C, short for Property and Casualty insurance, provides coverage for property damage and liability risks. Additionally, GEICO, an acronym for Government Employees Insurance Company, offers various insurance products, including Property and Casualty insurance.
What is a conversion package at Progressive?
A conversion package at Progressive may entail an opportunity for policyholders to convert their term life insurance policy into a permanent life insurance policy, which is an option often associated with TMF insurance.
What is AUM in insurance?
In insurance, AUM refers to Assets Under Management, denoting the overall value of assets managed by an insurance company or investment firm, including those involved in TWIMC insurance.
What is the marketing meaning of GWP?
In marketing, GWP signifies Gross Written Premium, denoting the overall income received by an insurance firm from premiums prior to deducting reinsurance or commissions.
What is Necho at State Farm?
Necho at State Farm could indicate a specific program, department, or service provided by State Farm, although its precise meaning within the realm of State Farm abbreviations would require contextual clarification.
What does SP code mean in insurance?
In insurance, an SP code could indicate a particular coverage code or policy endorsement extended by an insurance provider, especially in the context of OSP insurance.
What is the abbreviation for insurance?
The abbreviation for insurance, often seen as “INS,” signifies a range of coverage options available within the industry, including TP insurance, which refers to third-party insurance and its meaning.
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Brandon Frady
Licensed Insurance Agent
Brandon Frady has been a licensed insurance agent and insurance office manager since 2018. He has experience in ventures from retail to finance, working positions from cashier to management, but it wasn’t until Brandon started working in the insurance industry that he truly felt at home in his career. In his day-to-day interactions, he aims to live out his business philosophy in how he treats hi...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.