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Common Insurance Acronyms Guidebook

Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. This language, if it can be called a language, can be confusing. You may feel like you need a translator. The following list will, hopefully, be a help to you if you should have to be involved in an insurance discussion. 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 About the Author: is a writer for US Insurance Agents. She works hard to help provide a fresh perpsective to insurance, personal finance and related topics.