List of Important Insurance Abbreviations -LIC AAO, UIC, NIACL AO

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Hi Readers,

General Awareness is one of the important sections in any competitive examination. Be it SSC, IBPS, SBI, LIC, NIACL,RBI or any other exam, General Awareness section holds a good weightage in the exam. If practice religiously, it can help you in scoring really well in the exam. As you know that LIC has released its official notification for the posts of LIC AAO, IT, Legal and other posts for the year 2020. It is essential for you to be well versed with the insurance-related schemes, its history, and important terms, etc. I am going to cover all of these in my upcoming articles. In today’s article, I have come up with one of the most important topics of Insurance awareness i.e. Insurance Abbreviations.

Questions from the “Insurance Abbreviations” topic are frequently asked in the exam, so, it very important for you to mug up these Abbreviations for insurance terms as soon as you can and keep revising it until you get a firm grip in this topic. You can expect at least one to two questions from this topic in the exam. Following is the list of Important “Abbreviations for insurance terms” 

Note: This topic will be useful for other insurance exams like UIC, NIACL, NICL etc. as well

List of Insurance Abbreviations for Exams Preparation

Term Insurance Abbreviations Full forms
ACV Actual Cash Value
ADB Accidental Death Benefit
AD&D Accidental Death and Dismemberment
ALOP Advance Loss of Profit
AP Additional Premium
BPF Basic Premium Factor
CAC Combined Additional Coverage
CARG Compounded Annual Growth Rate
CAPM Capital Asset Pricing Model
CDS Credit Default Swap
CGL Commercial General Liability
CPL Comprehensive Personal Liability
DAC Deferred Acquisition Cost
DAB Double Accident Benefit
EAP Estimated Annual Premium
ECI Export Credit Insurance
EP Earned Premium
EPLI Employment Practices Liability Insurance
FRV Fair Rental Value
FUP First Unpaid Premium
GAP Guaranteed Auto Protection
GDP Gross Domestic Product
GDPI Gross Direct Premium Income
GWP Gross Written Premium
IBNR Incurred But Not Reported
IGCC IRDA Grievance Call Centre
IGMS Integrated Grievance Management System
III Insurance Institute of India
LAE Loss Adjustment Expense
MLE Maximum Loss Expectancy
MPCI Multi-Peril Crop Insurance
NLG No Lapse Guarantees
NPV Net Present Value
NSP Net Single Premium
NVD No Value Declared
OCA Outstanding Claims Account
ORM Operational Risk Management
PIA Primary Insurance Account
PML Probable Maximum Loss
PWB Premium Waiver Benefit
RAM Reverse Annuity Mortgage
RBC Risk Based Capital
ROE Return on Equity
ROI Return on Investment
RP Return Premium
TDA Tax Deferred Annuity
TDB Temporary Disability Benefits
TPA Third Party Administrator
UP Unearned Premium
UNL Ultimate Net Loss
YTM Yield to Maturity

This was the important list of Insurance related abbreviations. Other topics related to insurance will soon be covered in my upcoming articles. Next up will the Insurance Schemes launched by Government of India.

Other than this, you will also need something that can test your preparation level and what’s best than attempting the mock tests. Mock tests will not only analyze your preparation level but also helps in improving your score. If you wondering about how much a mock test series could cost you. We have got you covered. We are providing free mock test for LIC AAO 2020. You can also attempt free full length mock tests related to Banking, SSC, Teaching and Defence etc.

You can also take a look at our Comprehnseive Online course of LIC AAO 2020 exam.

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