Monday, 25 January 2016

LIC Insurance Important Abbreviations (Part -II)

Dear expert readers, here we are presenting LIC Insurance Important Abbreviations (Part -II) for your guide to LIC AAO Exam. Our previous article was Headquarters and Tag Lines of Insurance Companies in India  and LIC Insurance Important Abbreviations (Part -I) We are trying to providing you more free study material and platinum points for your LIC Exam. MM team always provide you a very systematic guide and quiz, daily current affairs Quiz and many more resources for your upcoming LIC AAO exam series. Some important Abbreviations are very useful for every aspirants of IBPS LIC AOO exam. All the best for your exam. Shreeram - with team MM.

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
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
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
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
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
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

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
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
WC – Workers Compensation
WCRI – Workers Compensation Research Institute
YRCT – Yearly Renewable Convertible Term
YRT – Yearly Renewable Term
For Insurance Abbreviation Part I  Click Here

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