{"id":3307,"date":"2024-03-01T19:03:56","date_gmt":"2024-03-01T13:33:56","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=3307"},"modified":"2024-03-01T19:03:58","modified_gmt":"2024-03-01T13:33:58","slug":"list-of-important-insurance-abbreviations","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/list-of-important-insurance-abbreviations","title":{"rendered":"List of Important Insurance Abbreviations -LIC AAO, UIC, NIACL AO"},"content":{"rendered":"\n

Hi Readers,<\/p>\n\n\n\n

General Awareness is one of the important sections in any competitive examination. Be it SSC<\/a>, IBPS<\/a>, SBI<\/a>, LIC<\/a>, NIACL<\/a>,RBI <\/a><\/strong>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 every year release its official notification for the posts of LIC AAO, IT, Legal and other posts.<\/strong> 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\u2019s article, I have come up with one of the most important topics of Insurance awareness i.e. Insurance Abbreviations. <\/p>\n\n\n\n

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”  <\/p>\n\n\n\n

Note:<\/strong> This topic will be useful for other insurance exams like UIC, NIACL, NICL etc. as well <\/p>\n\n\n\n

List of Insurance Abbreviations for Exams Preparation <\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Term<\/th>\nInsurance Abbreviations Full forms<\/th>\n<\/tr>\n<\/thead>\n
ACV<\/td>\nActual Cash Value<\/td>\n<\/tr>\n
ADB<\/td>\nAccidental Death Benefit<\/td>\n<\/tr>\n
AD&D<\/td>\nAccidental Death and Dismemberment<\/td>\n<\/tr>\n
ALOP<\/td>\nAdvance Loss of Profit<\/td>\n<\/tr>\n
AP<\/td>\nAdditional Premium<\/td>\n<\/tr>\n
BPF<\/td>\nBasic Premium Factor<\/td>\n<\/tr>\n
CAC<\/td>\nCombined Additional Coverage<\/td>\n<\/tr>\n
CARG<\/td>\nCompounded Annual Growth Rate<\/td>\n<\/tr>\n
CAPM<\/td>\nCapital Asset Pricing Model<\/td>\n<\/tr>\n
CDS<\/td>\nCredit Default Swap<\/td>\n<\/tr>\n
CGL<\/td>\nCommercial General Liability<\/td>\n<\/tr>\n
CPL<\/td>\nComprehensive Personal Liability<\/td>\n<\/tr>\n
DAC<\/td>\nDeferred Acquisition Cost<\/td>\n<\/tr>\n
DAB<\/td>\nDouble Accident Benefit<\/td>\n<\/tr>\n
EAP<\/td>\nEstimated Annual Premium<\/td>\n<\/tr>\n
ECI<\/td>\nExport Credit Insurance<\/td>\n<\/tr>\n
EP<\/td>\nEarned Premium<\/td>\n<\/tr>\n
EPLI<\/td>\nEmployment Practices Liability Insurance<\/td>\n<\/tr>\n
FRV<\/td>\nFair Rental Value<\/td>\n<\/tr>\n
FUP<\/td>\nFirst Unpaid Premium<\/td>\n<\/tr>\n
GAP<\/td>\nGuaranteed Auto Protection<\/td>\n<\/tr>\n
GDP<\/td>\nGross Domestic Product<\/td>\n<\/tr>\n
GDPI<\/td>\nGross Direct Premium Income<\/td>\n<\/tr>\n
GWP<\/td>\nGross Written Premium<\/td>\n<\/tr>\n
IBNR<\/td>\nIncurred But Not Reported<\/td>\n<\/tr>\n
IGCC<\/td>\nIRDA Grievance Call Centre<\/td>\n<\/tr>\n
IGMS<\/td>\nIntegrated Grievance Management System<\/td>\n<\/tr>\n
III<\/td>\nInsurance Institute of India<\/td>\n<\/tr>\n
LAE<\/td>\nLoss Adjustment Expense<\/td>\n<\/tr>\n
MLE<\/td>\nMaximum Loss Expectancy<\/td>\n<\/tr>\n
MPCI<\/td>\nMulti-Peril Crop Insurance<\/td>\n<\/tr>\n
NLG<\/td>\nNo Lapse Guarantees<\/td>\n<\/tr>\n
NPV<\/td>\nNet Present Value<\/td>\n<\/tr>\n
NSP<\/td>\nNet Single Premium<\/td>\n<\/tr>\n
NVD<\/td>\nNo Value Declared<\/td>\n<\/tr>\n
OCA<\/td>\nOutstanding Claims Account<\/td>\n<\/tr>\n
ORM<\/td>\nOperational Risk Management<\/td>\n<\/tr>\n
PIA<\/td>\nPrimary Insurance Account<\/td>\n<\/tr>\n
PML<\/td>\nProbable Maximum Loss<\/td>\n<\/tr>\n
PWB<\/td>\nPremium Waiver Benefit<\/td>\n<\/tr>\n
RAM<\/td>\nReverse Annuity Mortgage<\/td>\n<\/tr>\n
RBC<\/td>\nRisk Based Capital<\/td>\n<\/tr>\n
ROE<\/td>\nReturn on Equity<\/td>\n<\/tr>\n
ROI<\/td>\nReturn on Investment<\/td>\n<\/tr>\n
RP<\/td>\nReturn Premium<\/td>\n<\/tr>\n
TDA<\/td>\nTax Deferred Annuity<\/td>\n<\/tr>\n
TDB<\/td>\nTemporary Disability Benefits<\/td>\n<\/tr>\n
TPA<\/td>\nThird Party Administrator<\/td>\n<\/tr>\n
UP<\/td>\nUnearned Premium<\/td>\n<\/tr>\n
UNL<\/td>\nUltimate Net Loss<\/td>\n<\/tr>\n
YTM<\/td>\nYield to Maturity<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n

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.<\/p>\n\n\n\n

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