Insurance Awareness PDF Capsule 2017 by Affairscloud

Insurance Awareness
Capsule 2017
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Insurance Awarenesss Capsule 2017
Table of Contents
History of Insurance in India ..........................................................................................................................2
Malhotra Committee ....................................................................................................................................4
Types Of Insurance ..........................................................................................................................................5
Principles of Insurance ....................................................................................................................................7
Insurance Plans - An Overview ......................................................................................................................9
Insurance Concepts ........................................................................................................................................10
List of Insurance Companies in India ..........................................................................................................14
Insurance Companies Taglines with their Heads........................................................................................16
Insurance Abbreviations ...............................................................................................................................17
Important Insurance Awareness Questions & Answers ............................................................................41
Insurance Booster Capsule
History of Insurance in India
Insurance since Ancient times

In India, Insurance has well established history of more than thousand years. In Rigveda, there is a concept
called Yogakshema, which means prosperity, well being and security of people.
• Also Insurance was mentioned in Manusmrithi, Dharmashastra and Arthashastra. In those times
insurance refers to pooling of resources that could be re-distributed in times of natural calamities
such as fire, floods, epidemics and famine.
• This was probably a pre-cursor to modern day insurance.
Modern Day Insurance

The modern form of Life Insurance came to India from England in the year 1818. Oriental Life Insurance
Company started by Europeans in Calcutta was the first life insurance company on Indian Soil.
• The insurance companies established during that period were brought up with the purpose of looking
after the needs of European community and Indian natives were not being insured by these
companies.
• However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance
companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and
heavy extra premiums were being charged on them.
• Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in
the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company (1896) was also
one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to
more insurance companies such as The United India in Madras, National Indian and National
Insurance in Calcutta and the Co-operative Assurance at Lahore.
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Life Insurance Companies Act, 1912

In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of
companies should be certified by an actuary. But the Act discriminated between foreign and Indian
companies on many accounts, putting the Indian companies at a disadvantage.
Insurance Act1938
From 44 companies with total business-in-force as Rs.22.44 Crores, it rose to 176 companies with total
business-in-force as Rs.298 Crores in 1938.
With a view to protect the interests of the Indian Insurance companies, the earlier legislation was amended
with the enactment of the Insurance Act 1938, which consists comprehensive provisions for effective
control over the activities of insurers or insurance organizations.
• The Insurance Act 1938 was the first legislation governing the life insurance and non-life insurance
and to provide strict state control over insurance business.
• The Insurance Act has 120 sections and 8 schedules. It was borrowed from British law.
Birth of Life Insurance Corporation of India

On 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance
companies, 16 non-Indian companies and 75 provident were operating in India at the time of
nationalization.
• Nationalization was accomplished in two stages; initially the management of the companies was
taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive
bill.
• The Parliament of India passed the Life Insurance Corporation Act on June 1956, and the Life
Insurance Corporation of India was created on September 1956, with the objective of spreading life
insurance much more widely and in particular to the rural areas with a view to reach all insurable
persons in the country, providing them adequate financial cover at a reasonable cost.
• The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private
sector.
History of General (non-life) Insurance

The history of general insurance dates back to the Industrial Revolution in the west during the 17th
century. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd.
at Kolkata in the year 1850 by the Britishers. In 1907, the Indian Mercantile Insurance Ltd. was
established and was the first company to transact
all classes of general insurance business.
• In 1957, General Insurance Council (GIC), a wing of the Insurance Associaton of India was
established The General Insurance Council framed a code of conduct for ensuring fair conduct and
sound business practices across Non-Life or General insurance sector.
• In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also established in the same year.
• With the passing of the General Insurance Business (Nationalization) Act in 1972, general insurance
business was nationalized. A total of 107 insurers were amalgamated and grouped into four
companies namely National Insurance Company Ltd. at Kolkata, the New India Assurance
Company Ltd. at Mumbai, the Oriental Insurance Company Ltd at New Delhi and the United India
Insurance Company Ltd at Chennai.
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Malhotra Committee
The Government set up a committee in 1993 under the chairmanship of R.N. Malhotra, former Governor
of RBI (Reserve Bank of India), to propose recommendations for initiation and implementation of reforms
in the Indian insurance sector. The objective of setting up this committee was to complement the pace of
reforms initiated in the financial sector.
• The aforesaid committee submitted its report in 1994 wherein it was recommended that the private
sector be permitted to enter the Indian insurance sector.
• It also recommended the participation of foreign companies by allowing them to enter into an MOU
(Memorandum of Understanding) by floating Indian companies, preferably a joint venture with
Indian partners.
Birth of IRDA :
Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and
Development Authority (IRDA) Act, in 1999 was passed by the Indian Parliament.
• The IRDA opened up the Indian insurance market in August 2000 by inviting application for
registration proposals. Foreign companies were allowed entry into Indian insurance sector with an
upper ceiling on ownership of up to 26% participation. The IRDA has been granted the powers to
frame regulations under Section 114A of the Insurance Act, 1938.
• From 2000 onwards, IRDA has framed various regulations for carrying on insurance business to
protection of Indian policyholders’ interests including the registration of Life & Non-Life (General)
Insurance companies.
Insurance – a thriving sector

At present there are 28 general insurance companies including the ECGC and Agriculture Insurance
Corporation of India and 24 life insurance companies operating in the country.
• The insurance sector is a massive one and is thriving at a speedy rate of 15-20%. Together with
banking services, insurance services add about 7% to the country’s GDP.
• A well-developed and evolved insurance sector is a boon for economic development as it provides
long- term funds for infrastructure development at the same time strengthening the risk taking ability
of the country.
Meaning Of Insurance
Simply speaking, insurance is the means by which risks of loss or damage can be shifted to another party
called the insurer on the payment of a charge known as premium. The party whose risk is shifted to the
insurer is known as the insured.
• Obviously insurer is generally an organization (Insurance Company),which is willing to share the
loss or damage and it is also qualified to do so. Insurance is a contract between the insurer and
insured whereby the insurer undertakes to pay the insured a fixed amount, in exchange for a fixed
sum known as premium, on the happening of a certain event (like at a certain age or on death), or
compensate the actual loss when it takes place, due to the causes mentioned in the contract.
• If you think about the basis of insurance, you will realize that it is a form of cooperation through
which all the insured, who are subject to a risk, pay premium and only one or few among them who
actually suffer the loss or damage is/are compensated.
• Actually, the number of parties exposed to a risk is very large and only a few of them might actually
suffer loss during a certain period. The insurer (company) acts as an agency to spread the actual loss
suffered by a few insured parties among a large number of parties.
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Importance Of Insurance :
To appreciate the importance of insurance we have to discuss the benefits that we derive from it.
As explained in the previous section, insurance serves as a very useful means of spreading the effects of
personal as well as business risks by way of loss or damage among many.
Thus, the insured have a sense of security. Individuals who pay premium periodically out of current income
can look forward to an assurance of receiving a fixed amount on retirement or his family being secured in
the event of his death. Businessmen also pay premium for insurance of risk of loss without constant worry
about the possibility of loss or damage.
Insurance plays a significant role particularly in view of the large-scale production and distribution of
goods in national and international market. It is an aid to both trading and industrial enterprises, which
involve huge investments in properties and plants as well as inventories of raw materials, components and
finished goods.
The members of business community feel secured by means of insurance as they get assurance that by
contributing a token amount they will be compensated against a loss that may take place in future.
From the national economic point of view, insurance enables savings of individuals to accumulate with the
insurance companies by way of premium received. These funds are invested in securities issued by big
companies as well as by Government.Individuals who insure their lives to cover the risks of old age and
death are induced to save a part of their current income, which is by itself of great importance.
Insurance is also a source of employment for the people. The people get employed directly in its offices of
the insurance company spread over the country and it also provides opportunities to the people to earn their
livelihood by working as agent of the insurance companies.
Types Of Insurance
Insurance, which is based on a contract, may be broadly classified into the following types.
1. Life Insurance
2. Fire Insurance
3. Marine Insurance and
4. Other types of insurance such as burglary insurance, motor vehicle insurance etc.
Until recently Life Insurance Corporation of India (LIC) and General Insurance Corporation with its
subsidiaries happened to be the only organizations engaged in life and general insurance business in India.
Now a number of other private companies have entered this service sector.
Let us consider the salient feature of each of these types.
1.Life Insurance :
A contract of life insurance (also known as ‘life assurance’) is a contract whereby the insurer undertakes to
pay a certain sum either on the death of the insured or on the expiry of a certain number of years. In return,
the insured agrees to pay an amount as premium either in a lump sum or in periodical installments, annually,
half-yearly, quarterly or monthly. The risk insured against in this case is certain to happen.
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Hence, life insurance is also referred to as life assurance. The written form of contract is known as life
insurance policy. It provides for the payment of a fixed sum to the insured or his legal heirs as the case may
be either on a fixed date or on the happening of an event, which is certain.
Businessmen can provide for life insurance of all their employees by way of group insurance. It also
develops loyalty among employees and can be used as a security for raising loans.
There are two basic types of life assurance policies : (a) Whole-life policy, and (b) Endowment Policy.
A whole life policy runs for the whole life of the insured and premium is payable all along. The sum assured
becomes due for payment to the heirs of the insured only after his death. An endowment policy on the other
hand, runs for a limited period or upto a certain age of the insured. The sum assured becomes due for
payment at the end of the specified period or on the death of the insured, if it occurs earlier.
Traditional insurance plans :

Traditional insurance plans provide multiple benefits like risk cover, fixed income return, safety and tax
benefit
Unit Linked Insurance Plan (ULIP):

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure
insurance policy, gives investors both insurance and investment under a single integrated plan.
• So a ULIP is basically a combination of insurance as well as investment.
• The first ULIP was launched in India in 1971 by Unit Trust of India (UTI).
Fire Insurance :
A contract of fire insurance is a contract whereby the insurer, on payment of premium by the insured,
undertakes to compensate the insured for the loss or damage suffered by reason of certain defined subject
matter being damaged or destroyed by fire. It is a contract of indemnity, that is, the insured cannot claim
anything more than the value of property lost or damaged by fire or the amount of policy, whichever is
lower.
The claim for loss by fire is payable subject to two conditions, viz
i.There Must Have Been Actual Fire; And
ii.Fire Must have been accidental, not intentional; the cause of fire being immaterial.
The basic principle applied with regard to claim is the principle of indemnity. The insured is entitled to be
compensated for the amount of actual loss suffered subject to a maximum amount for which he had taken
the policy. He cannot make a profit through insurance.
For example, if a person takes a fire insurance policy of Rs. 20,000/- on certain goods. Out of these, goods
worth Rs. 15,000/- are destroyed by fire. The insured can only claim an amount to the extent of loss i.e.,
Rs. 15,000/- (and not Rs. 20, 000/-) for the damage from the insurance company.
Marine Insurance :
Marine insurance is an agreement (contract) by which the insurance company (also known as underwriter)
agrees to indemnify the owner of a ship or cargo against risks, which are incidental to marine adventures. It
also includes insurance of the risk of loss of freight due on the cargo. Marine insurance that covers the risk
of loss of cargo by storm is known as cargo insurance.
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The owner of the ship may insure it against loss on account of perils of the sea. When the ship is the subject
matter of insurance, it is known as hull insurance. Further, where freight is payable by the owner of cargo
on safe delivery at the port of destination, the shipping company may insure the risk of loss of freight if the
cargo is damaged or lost. Such a marine insurance is known as freight insurance. All marine insurance
contracts are contracts of indemnity.
The followings are the different types of marine insurance policies :---
1.Time Policy – This policy insures the subject matter for specified period of time, usually for one year. It
is generally used for hull insurance or for cargo when small quantities are insured.
2.Voyage Policy - This is intended for a particular voyage, without any consideration for time. It is used
mostly for cargo insurance.
3.Mixed Policy – Under this policy the subject matter (hull, for example) is insured on a particular voyage
for a specified period of time. Thus, a ship may be insured for a voyage between Mumbai and Colombo for
a period of 6 months under a mixed policy.
4.Floating Policy - Under this policy, a cargo policy may be taken for a round sum and whenever some
cargo is shipped the insurance company declares its value and the total value of the policy is reduced by
that amount. Such shipments may continue until the total value of the policy is exhausted.
Other types of Insurance :

Apart from life, fire and marine insurance, general insurance companies can insure a variety of other risks
through different policies. Some of these risks and the different policies are outlined below.
Motor vehicles Insurance - Insurance of all types of motor vehicles passenger cars, vans, commercial
vehicles, motor cycles, scooters, etc.,covers the risks of damage of the vehicle by accident or loss by theft,
as also risks of liability arising out of injury or death of third party involved in an accident. Third party risk
insurance is compulsory under the Motor Vehicles Act.
Burglary Insurance - Under this insurance the insurance company undertakes to indemnify the insured
against losses from burglary i.e., loss of moveable goods by robbery and theft by breaking the house.
Fidelity Insurance - As a protection against the risks of loss on account of embezzlement or defalcation of
cash or misappropriation of goods by employees, businessmen may get policies issued covering the risks of
loss on account of fraud and dishonesty on the part of employees handling cash or in charge of stores. This
is called fidelity insurance policy. The employees may also be required to sign a fidelity guarantee Bond.
Personal accident and sickness Insurance - These are policies which can be taken out against death or
disability in special circumstances, for example by traveling through flights, etc.
Liability Insurance - This type of policy covers the risk of liability for the injury or death of someone
else.These are two main forms as
1.Employers liability- covers the employers legal liability for the safety of each employee.
2.Public liability- covers the liability of individuals and business for members of public visiting their
premises.
Property Insurance - Covers a wide variety of items from goods in transit or in store to building or
contents. Applies to both the business persons and the private householders.
Principles of Insurance
1. Utmost Good Faith
2. Insurable Interest
3. Principle of Indemnity
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4. Principle of Contribution
5. Principle of Subrogation
6. Principle of loss Minimization
7. Principle of CAUSA PROXIMA.
Utmost Good Faith :

 Both the parties i.e. insured and the insurer should a good faith towards each other.
 The insurer must provide the insured complete, correct and clear information of subject matter.
 The insurer must provide the insured complete, correct and clear information regarding terms and
conditions of the contract.
 This principle is applicable to all contracts of insurance i.e. life, fire and marine insurance.
Insurable Interest :
 The insured must have insurable interest in the subject matter of insurance. In life insurance it
refers to the life insured.
 In marine insurance it is enough if the insurable interest exits only at the time of occurrence of the
loss.
 In fire and general insurance it must be present at the time of taking policy and also at the time of
the occurrence of loss.
 The owner of the party is said to have insurable interest as long as he is the owner of it.
 It is applicable to all contracts of insurance.
Principle of Indemnity :
 Indemnityh means a guarantee or assurance to put the insured in the same position in which he was
immediately prior to the happening of the uncertain event. The insurer undertakes to make good
loss.
 It is applicable to fire, marine and other general insurance.
 Under this the insurer agrees to compensate the insured for the actual loss suffered.
Principle of Contribution :
 The principle is a corollary of the principle of indemnity.
 It is applicable to all contracts of indemnity.
 Under this principle the insured can claim the compensation only to the extent of actual loss either
from any one insurer or all the insurers.
Principle of Subrogation :
 As per this principle after the insured is compensated for the loss due to damage to property
insured, then the right of ownership of such property passes on to the insurer.
 This principle is corollary of the principle of indemnity and is applicable to all contracts of
indemnity.
Principle of loss Minimization :

 Under this principle it is the duty of the insured to take all possible steps to minimize the loss to
the insured property on the happening of uncertain event.
Principle of ‘CAUSA PROXIMA’ :

 The loss of insurerd property can be caused by more than one cause in succession to another.
 The property may be insured against some causes and not against all causes.
 In such an instance, the proximate cause or nearest cause of loss is to be found out.
 If the proximate cause is the one which is insured against the insurance company is bound to pay
the compensation and vice versa.
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Insurance Plans - An Overview

Endowment Insurance Plan
Endowment insurance plan is a combination of both pure term plan and pure endowment plan. Pure term
plan has only Death benefit with no maturity, whereas Pure Endowment Plan has only maturity benefit with
no death benefit. EAP has death benefit if the life assured dies within the policy term as well as maturity
benefit if he survives till the policy mature.
 Benefit is paid either on death or maturity whichever occurs first.
 Hence it is complete win-win solution to the policy holder. There are many types of endowments
plan such as marriage endowment plan, Educational Endowment plan… etc.
Whole Life Insurance

Whole Life Insurance is a life insurance contract with level premiums that has both insurance and an
investment component.
 The insurance component pays a stated amount upon death of an insured. Part of the insurance
contract stipulates that the policyholder is entitled to a cash value reserve that is part of the policy
and guaranteed by the company.
 This cash value can accessed anytime through policy loan that is received income tax free and paid
back according to mutually agreed upon schedules.
 These policy loans are available until insured’s death. If any loan amount is not yet paid back upon
the insured’s death, the insurer subtracts those amounts from the policy face value/death benefit and
pays the remaining to the policy’s beneficiary.
Group Life Insurance

A type of insurance coverage offered to a group of people, usually, employees of a company, members of a
union or association etc. There are types of group insurances such as group term life insurances and group
health insurance plan. This costs each individual member much less than if they had to purchase an
individual policy. For this reason, group insurance is key factor in employee benefit package. This is
because the risk is spread over the entire group, rather than one person.
Micro Insurance Plan

Insurance that offer coverage to low income households are micro insurance. This is similar to that of
regular insurance except to the fact that it targets low income people. The target population mainly consists
of people ignored by mainstream commercial and social insurance scheme. Micro insurance is found in
developing countries, where current insurance markets are inefficient. The insured people pay considerably
smaller premiums.
Joint Life Insurance Plan

Joint Life insurance policies are designed to cover couples or partnership in the event of either partner’s
death. It means the chosen amount of cover is paid out if the first person dies, during the length of the
policy, after which the policy would end. A joint life policy pays only once and would leave the surviving
person without any life insurances.
Single Life Insurance Plan

Single life insurance policy covers one person only and pays out the chosen amount of cover if that
person dies, during the length of the policy, after which the policy would end.
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Term Insurance Plan

Term life insurance is a policy that provides the insured person coverage for a certain period of time
whereas “whole” or “universal” policy is considered permanent, providing coverage for the entire life of
the insured.
Convertible Insurance Plan

It allows insured to convert a term policy to a permanent policy at a later date. This plan is designed to
meet the needs of those who are initially unable to play larger premium required for whole life insurance
plan.
Pure Endowment Plan

It is an endowment policy that is paid when the person in the endowment is still alive. A pure endowment
policy runs for a certain number of years that matures and is paid out to person nominated.
Insurance Concepts
Banccasurance:
Banccasurance means selling of insurance products through banks. The insurance companies and the banks
come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its
clients.Bank Insurance Model is also termed as Banccassurance.
Actuary:
A person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment
and estimation of premiums etc for an insurance business, is called an actuary.A professional statistician
working in an insurance company is an Actuary.
Actuarial Science:
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in
insurance, finance and other industries and professions.Actuarial science includes a number of interrelated
subjects, including probability, mathematics, statistics, finance, economics, financial economics, and
computer programming.
Third Party Administrators :

Third Party Administrators or TPAs are a vital link between health insurance companies, policyholders and
health care providers.The TPAs maintain databases of policy holders and issue them identity cards with
unique identification numbers and handle all the post policy issues including claim settlements.
Mortality Charge:
Mortality Charge is the amount charged every year by the insurer to provide the life cover to the
policyholder on the life of the Life Insured. It is also called as Cost of Insurance.
Maturity Date :
The date on which the principal amount of a note, draft, acceptance bond or other debt instrument becomes
due and is repaid to the investor and interest payments stop.The maturity date tells you when you will get
your principal back and for how long you will receive interest payments.
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Agent :
An Agent is a person who is licensed by state to sell Insurance. The Agents serve as an intermediary
between the insurance company and the insured.Agents are only responsible for the timely and accurate
processing of forms, premiums, and paperwork.
1.Captive Agent – Agent sell Insurance of a specific Company.
2.Independent Agent – Agent who works independently and sells Insurance of many companies.
Broker :
An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their
clients and provide advice in the interests of their clients.Insurance brokers can be best described as a kind
of super-independent agent.
Annuity:
A long-term contract sold by an insurance company designed to provide payments to the holder at specified
intervals, usually after retirement.
Insurable and Uninsurable Risks :

A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion
for insurance is fulfilled is called insurable risk.
In case of a scenario where the loss is too huge that no insurer would want to pay for it, the risk is said to be
uninsurable.
AD&D
AD&D in Insurance refers to Accidental Death and Dismemberment Insurance.It is a policy that
pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance
which is generally less expensive.
Lapse :
The policy for which all benefits to the policy holder cease and is terminated due to non payment of
premium amount on the due date or even after the grace period is called a lapsed policy.
Surrender Value:
Surrender Value is the amount the policy holder will get from the insurance company if he decides to exit
the policy before maturity. Surrender value is payable only after three full years premiums.
Maturity claim:
Maturity claim is a type of claim, wherein the insured fills a maturity claim form. It is sent along with the
original policy document to the insurance company before the maturity date to get timely settlement from
the insurance company as post dated cheque or ECS (Electronic Clearance Service) payment on the
maturity date.
Death claim:
Death claim is a type of claim made by the nominee of the insured to the insurance company due to death
of the insured, abiding to the policy terms and conditions.
Valid claim & Fradulent claim :

An insurance company validates the authenticity and amount claimed by the insured in-order to prevent the
insurer from exaggerating the claim amount & the claim fraudulently.
If it is a valid reason it is classified as valid claim or else it is classified as fraudulent claim, thereby if
insurance suspects of fraudulence in the claim.
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Policy not in force :

If the policy is lapsed i.e., the insured has not paid the policy amount before the grace period expires, then it
is termed as policy not in force. The insured is not covered by the policy when it is termed as policy not in
force.
Gratuity :
Gratuity is a part of salary that is received by an employee from his/her employer in gratitude for the
services offered by the employee in the company.
According to Payments of Gratuity Act, 1972 with minimum of 5 years service during exit is eligible to
minimum of 15 days from the last drawn salary for each completed service year.
Void & Voidable contract:

Void contract cannot be enforced by law. It is also considered as void agreement and is not a contract et al.
Any agreement which is illegal is considered as void contract.
An agreement between two parties that can be unenforceable for a number of legal reasons like failure or
mistake by a party to disclose a fact leading to breach of contract. Then the other party terms it as voidable
contract. He may also continue the contract making it a valid contract, as it is decided by both parties.
Paid up value:
The right to change the normal policy into paid up value is given to the insured by the insurance company, if
the insured have paid premiums for minimum of three years.The paid policy means, after the period if the
insured cannot pay premium then the policy is not cancelled but the sum assured is reduced in proportion to
the number of premiums paid by the insured
Terminal bonus:
Terminal bonus is the loyalty bonus paid by the insurance company to the insured for maintaining the policy
till the maturity date.It is the bonus paid during the time of maturity and the value is not guaranteed by
disclosed during the time of policy maturity only.
Actual Cash Value

It is the cost of replacing damaged or destroyed property with comparable new property, minus depreciation
and obsolescence. For example, a 10-year-old fan will not be replaced at current full value because of a
decade of depreciation.
BCAR – Best’s Capital Adequacy Relativity (BCAR) :

It is a percentage, which measures a company’s relative capital strength and it is compared to its industry
peer composite. BCAR is an important component in determining the appropriateness of a company’s
rating. BCAR is calculated by dividing a company’s capital adequacy ratio by the capital adequacy ratio of
the median of its industry peer composite using Best’s proprietary capital mode.
Encumbrance :
A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of
the property owner is reduced by the amount of the encumbrance.
Liquidity :
Liquidity is the ability of an individual or business to quickly convert assets into cash without incurring a
considerable loss. There are two kinds of liquidity
Quick liquidity :
It refers to funds, cash, short-term investments, and government bonds and possessions which can
immediately be converted into cash in the case of an emergency.
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Current liquidity
It refers to current liquidity plus possessions such as real estate which cannot be immediately liquidated, but
eventually can be sold and converted into cash.
Reinsurance
It is an insurance that an insurance company buys for its own protection. The risk of loss is spread so a
disproportionately large loss under a single policy doesn’t fall on one company. Reinsurance enables an
insurance company to expand its capacity; stabilize its underwriting results; finance its expanding volume;
secure catastrophe protection against shock losses; withdraw from a line of business or a geographical area
within a specified time period.
Lapse Ratio
The ratio of the number of life insurance policies that lapsed within a given period to the number in force at
the beginning of that period.
Impaired Insurer
An insurer which is in financial difficulty to the point where its ability to meet financial obligations or
regulatory requirements is in question.
Dividend
The return of part of the policy’s premium for a policy issued on a participating basis by either a mutual or
stock insurer. A portion of the surplus paid to the stockholders of a corporation.
Coinsurance
In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the
value of property to receive full pay-ment on a loss. For health insurance, it is a percentage of each claim
above the deductible paid by the policy-holder. For a 20 percent health insurance coinsurance clause, the
policyholder pays for the deductible plus 20 percent of his covered losses.After paying 80 per-cent of losses
up to a specified ceiling, the insurer starts paying 100 percent of losses.
Casualty Insurance
Casualty Insurance is primarily concerned with losses caused by injuries to persons and legal liability
imposed upon the insured for such injury or for damage to property of others. It also includes such diverse
forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler and machinery
insurance and Aviation insurance.
Retention
The amount of risk retained by an insurance company that is not re-insured.
Initial Public Offering (IPO):

Initial Public Offering (IPO)-insurance - A number of liability risks arise with the IPO of a
financial institution, but also with the additional issuance of shares. Insurers can come out
with IPO only after completion of 10 years of operations. ICICI Prudential files for first IPO
by an Indian insurance company
Composite insurance companies:

These insurance companies types sells both life and non-life insurance
Insurable Risk
Risks for which it is relatively easy to get insurance and that meet certain criteria. These include being
13 | P a g e
definable, accidental in nature, and part of a group of similar risks large enough to make losses predictable.
The insurance company also must be able to come up with a reasonable price for the insurance.
Types of Frauds in Insurance Sector :

There are many but following are Main :--
Premium Diversion
• Premium diversion is the embezzlement of insurance premiums.
• It is the most common type of insurance fraud.
• Generally, an insurance agent fails to send premiums to the underwriter and instead keeps the money
for personal use.
• Another common premium diversion scheme involves selling insurance without a license, collecting
premiums and then not paying claims.
Fee Churning
• In fee churning, a series of intermediaries take commissions through reinsurance agreements.
• The initial premium is reduced by repeated commissions until there is no longer money to pay
claims.
• The company left to pay the claims is often a business the conspirators have set up to fail.
• When viewed alone, each transaction appears to be legitimate—only after the cumulative effect is
considered does fraud emerge.
Asset Diversion
• Asset diversion is the theft of insurance company assets.
• It occurs almost exclusively in the context of an acquisition or merger of an existing insurance
company.
• Asset diversion often involves acquiring control of an insurance company with borrowed funds.
After making the purchase, the subject uses the assets of the acquired company to pay off the debt.
The remaining assets can then be diverted to the subject.
Advantages of Increase in FDI in Insurance :

Current FDI Limit – 49%
From 26 to 49% Advantages :--
• Capital Inflow
• Better Technology
• Increase in Competitiveness
Innovative Insurance Products and Policies for Public
• Increase Penetration
• Employment Generation
• stringent competition leading to competitive quotes,
• improved services and better claim settlement ratio.
List of Insurance Companies in India

The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance
business and 29 are non-life insurers.
Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.
Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is
sole national re-insurer, namely, General Insurance Corporation of India (GIC Re).
14 | P a g e
Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors
and third party administrators servicing health insurance claims.
Out of 29 non-life insurance companies, five private sector insurers are registered to underwrite policies
exclusively in health, personal accident and travel insurance segments.
They are
1. Star Health and Allied Insurance Company Ltd,
2. Apollo Munich Health Insurance Company Ltd,
3. Max Bupa Health Insurance Company Ltd,
4. Religare Health Insurance Company Ltd and
5. Cigna TTK Health Insurance Company Ltd.
There are two more specialised insurers belonging to public sector, namely,
1. Export Credit Guarantee Corporation of India for Credit - The ECGC Limited is a company wholly
owned by the Government of India based in Mumbai, Maharashtra.
2. Insurance and Agriculture Insurance Company Ltd for crop insurance.
Life insurance companies
• Aviva India
• Bajaj Allianz Life Insurance
• Birla Sun Life Insurance Company Limited
• Exide Life Insurance
• ICICI Prudential Life Insurance
• IDBI Federal Life Insurance
• IndiaFirst Life Insurance Company
• Life Insurance Corporation
• Max Life Insurance
• Peerless Group
• PNB MetLife India Insurance Company
• SBI Life Insurance Company
General Insurance Companies

• Agriculture Insurance Company of India
• Apollo Munich Health Insurance
• Cholamandalam MS General Insurance
• Bajaj Allianz General Insurance
• Bharti AXA General Insurance
• Cigna TTK
• Export Credit Guarantee Corporation of India
• GIC Re
• HDFC ERGO General Insurance Company
• ICICI Lombard
• IFFCO Tokio
• L&T General Insurance
• Liberty Videocon General Insurance
• National Insurance Company
• New India Assurance
• The Oriental Insurance Company
• Reliance General Insurance
15 | P a g e
• Religare
• Royal Sundaram General Insurance
• Star Health and Allied Insurance
• Tata AIG General
• United India Insurance Company
• Universal Sompo General Insurance Company
Insurance Companies Taglines with their Heads

Insurance Company Headquarter CMDs Tag Line
Apollo Munich Health Insurance Gurgaon Prathap C. Reddy We Know Healthcare,

We Know Insurance.
Aviva India Life Insurance Gurgaon TR Ramachandran Kal Par Control
Bajaj Allianz Life Insurance Pune Tarun Chugh Jiyo Befiqar

Company Limited
Birla Sun Life Insurance Company Mumbai Pankaj Razdan Your Dreams, Out Commitment
Limited
Exide Life Insurance India Bangalore Kshitij Jain Adding Life to Insurance
Company
Future Generali Life Insurance Mumbai Munish Sharda Total Insurance Solutions
HDFC Standard life Insurance Mumbai Amitabh Sar Utha Ke Jiyo
Company Limited Chaudhry
ICICI Prudential Life Insurance Mumbai Sandeep Bakhshi We Cover You, At Every Step in
Company Limited Life
Kotak Mahindra Old Mutual Life Mumbai G Murlidhar Faidey Ka Insurance
Insurance Limited
Life Insurance Corporation of India Mumbai V.K. Sharma Yogakshemam Vahamyaha (is in
Sanskrit language which translates
in English as "Your welfare is our
responsibility")
Max Life Insurance Co. Ltd. New Delhi Rajesh Sud Aapke Sachche Advisor
National Insurance Company Kolkata K. Sanath Kumar Thoda Simple Soche

New India Assurance Company Ltd Mumbai Mr. G. Srinivasan India’s Premier General Insurance
Company
Oriental Insurance Company New Delhi A V Girija Kumar Prithvi, Agni, Jal, Akash, Sabki
Limited Suraksha Hamare Paas
PNB MetLife India Insurance Gurgaon Ashish Kumar Have You Met Life Today?
Company Limited Srivastava
SBI Life Insurance Company Mumbai Mr. Arijit Basu With Us, You’re Sure
Limited
Tata AIA Life Insurance Company Mumbai Naveen Tahilyani A New Look at Life
Limited
United India Insurance Company Chennai A.V.Girija Kumar At United India, It is Always U
Limited Before I
16 | P a g e
Others:
National Insurance Academy:

The National Insurance Academy is situated in Pune, India. Founded in 1980 by the Finance Department of
the Indian government with capital patronage from LIC and public sector general insurance industry.
Insurance Institute of India:

The Insurance Institute of India is an insurance education society of professionals established in 1955 in
Mumba ifor the purpose of imparting insurance education to persons engaged or interested in insurance. The
institute conducts examinations at various levels. It is the professional institute in India devoted solely to
insurance-related education.
IIRM:
IIRM or Institute Of Insurance and Risk Management is the only dedicated Institution for education in
Insurance and Actuarial Science in the World. It is located in Hyderabad.
Insurance Abbreviations
AAA American Academy Of Actuaries.
AACI American Association Of Crops Insurers.
AADC American Association Of Dental Consultants.
AAI Accredited Adviser In Insurance.
AAIM American Academy Of Insurance Medicine.
AAIMC American Association Of Insurance Management Consultants.
AAIS American Association Of Insurance Services.
AALTCI American Association For Long Term Care Insurance.
AALU Association For Advanced Life Underwriting.
AAM Associate In Automation Management.
AAMGA American Association Of Managing General Agents.
AAPL American Association Of Petroleum Landmen.
AAPMR American Academy Of Physical Medicine And Rehabilitation.
AASCIF American Association Of State Compensation Insurance Funds.
ABA American Bar Association, American Bankers Association.
ABIH American Board Of Industrial Hygienists.
ABIME American Board Of Independent Medical Examiners.
ABS American Bureau Of Shipping.
ACA Association Of Corporate Counsel.
ACAS Associate Of The Casualty Actuarial Society.
ACC Anti-Concurrent Cause.
ACCA American Corporate Counsel Association.
ACCI American Corporate Counsel Institute.
ACEC American Consulting Engineers Council.
ACII Associateship Of The Chartered Insurance Institute.
ACLA Automobile Claim Law Associate.
ACLI American Council Of Life Insurers.
ACLS Automobile Claim Law Specialist.
ACLU American College Of Life Underwriters.
ACM Asbestos-Containing Material.
ACORD Association For Cooperative Operations Research And Development.
ACSC Association Of Casualty & Surety Companies.
ACSR Accredited Customer Service Representative.
17 | P a g e
ACT Agents Council For Technology.

ACV Actual Cash Value.
ACWRRE American Cargo War Risk Reinsurance Exchange.
ADA Americans With Disabilities Act Of 1990.
ADAAA ADA Amendments Act Of 2008.
ADB Accidental Death Benefit.
AD&D Accidental Death And Dismemberment.
ADEA Age Discrimination In Employment Act Of 1967.
ADR Alternative Dispute Resolution.
AEIA American Excess Insurance Association.
AFIA American Foreign Insurance Association.
AFIS Agribusiness And Farm Insurance Specialist.
AFSB Associate In Fidelity And Surety Bonding.
AGC Associated General Contractors Of America.
AGRP Association Of Governmental Risk Pools.
A&H Accident And Health (Insurance).
AHAS Advocates For Highway And Auto Safety.
AHERA Asbestos Hazard Emergency Response Act Of 1986.
AHIA Association Of Health Insurance Advisors.
AHIP America’s Health Insurance Plans.
AHIS American Hull Insurance Syndicate.
AIA Aviation Insurance Association.
AIAB Alliance Of Insurance Agents And Brokers.
AIAF Associate In Insurance Accounting And Finance.
AIBM Automobile Insurers Bureau Of Massachusetts.
AIC Associate In Claims.
AICP Association Of Insurance Compliance Professionals.
AICPA American Institute Of Certified Public Accountants.
AICPCU American Institute For Chartered Property Casualty Underwriters .
AIHA American Industrial Hygiene Association.
AIM Associate In Management.
AIMA As Interest May Appear.
AIME Average Indexed Monthly Earnings.
AIMU American Institute Of Marine Underwriters.
AIP Annual Implementation Plan.
AIPSO Automobile Insurance Plans Service Office.
AIRAC All Industry Research Advisory Council.
AIRB Aviation Insurance Rating Bureau.
AIRMIC Association Of Insurance And Risk Managers.
AISG American Insurance Services Group, Inc.
AIT Associate In Information Technology.
AL Automobile Liability.
ALAE Allocated Loss Adjustment Expense.
ALC American Life Convention.
ALCM Associate In Loss Control Management.
ALE Additional Living Expense.
ALHA Association Of Life And Health Administrators.
ALIMDA Association Of Life Insurance Medical Directors Of America.
ALM Association Of Lloyd’s Members.
ALOP Advance Loss Of Profit .
ALOS Average Length Of Stay.
18 | P a g e
ALTA American Land Title Association.

AMA American Medical Association.
AMBAC American Municipal Bond Assurance Corp.
AMEMIC Association Of Mill & Elevator Mutual Insurance Companies.
AMIC American Marine Insurance Clearinghouse.
AMIF American Marine Insurance Forum.
AMIM Associate In Marine Insurance Management.
AMW Average Monthly Wage.
ANI American Nuclear Insurers.
ANL Above Normal Loss.
ANSI American National Standards Institute
AOP All Other Perils.
AP Additional Premium.
APA Associate In Premium Auditing.
API Associate In Personal Insurance.
APIW Association Of Professional Insurance Women.
AR Accounts Receivable.
ARCO Associated Reporting Companies.
ARE Associate In Reinsurance.
ARIA American Risk And Insurance Association.
ARM Associate In Risk Management.
ARM–P Associate In Risk Management For Public Entities.
ARO Asset Retirement Obligation.
ARP Associate In Research And Planning.
ARPI Australian Risk Policy Institute.
ARS Auction Rate Security.
ART Annual Renewable Term.
ASA Associate In Society Of Actuaries.
ASC Associated Specialty Contractors.
ASCLU American Society Of Chartered Life Underwriters.
ASCN Applied Systems Client Network.
ASHRM American Society For Healthcare Risk Management.
ASIM American Society Of Insurance Management.
ASIS American Society Of Industrial Security.
ASLI Associate In Surplus Lines Insurance.
ASM Available Seat Miles.
ASME American Society Of Mechanical Engineers.
ASO Administrative Services Only.
ASOP Actuarial Statement Of Practice.
ASPPA American Society Of Pension Professionals & Actuaries .
ASSE American Society Of Safety Engineers.
ASTM American Society For Testing And Materials
ATA American Trucking Associations, Inc.
ATIMA As Their Interests May Appear
ATLA Association Of Trial Lawyers Of America.
ATRA American Tort Reform Association.
AU Associate In Underwriting.
AWCBC Association Of Workers’ Compensation Boards Of Canada.
AWW Average Weekly Wage.
BACM Best Available Control Measures.
BAP Business Auto Policy.
19 | P a g e
BAPCPA Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005.

BBB Banker’s Blanket Bond.
B&C Building And Contents.
BCAR Best’s Capital Adequacy Ratio.
BCBSA Blue Cross And Blue Shield Association.
BCE Bermuda Commodities Exchange.
BCEGS Building Codes Effectiveness Grading Schedule.
BCM Business Continuity Management.
BCP Business Continuity Plan.
BCSP Board Of Certified Safety Professionals.
BDAT Best Demonstrated Available Technology.
BELRIM Belgian Risk Management Association.
BERP Basic Extended Reporting Period.
BFCGL Broad Form Comprehensive General Liability .
BFPD Broad Form Property Damage.
BI Bodily Injury; Business Interruption.
BIC Business Income Coverage.
BIM Building Information Modeling.
BM Boiler And Machinery.
B&M Boiler And Machinery.
BOP Businessowners Policy.
BOW Breach Of Warranty.
BPB Blanket Position Bond.
BPF Basic Premium Factor.
BPL Bankers Professional Liability.
BPLI Bankers Professional Liability Insurance.
BPT Branch Profits Tax.
BR Builders Risk.
BRAC Base Realignment And Closure Act.
BTR Below-Target Risk.
BV Brick Veneer .
CAC Combined Additional Coverage.
CAE Chief Audit Executive.
CAGR Compounded Annual Growth Rate.
CAL Comprehensive Automobile Liability.
C AND F Cost And Freight.
CAPA Certified Automotive Parts Association.
CAPEX Capital Expenditures.
CAPM Capital Asset Pricing Model.
CAPP Conference Of Actuaries In Public Practice.
CAR Contractors All Risks.
CARE Concerned Alliance Of Responsible Employers.
CARF Commission On Accreditation Of Rehabilitation Facilities.
CARFM Coalition Of Alternative Risk Funding Mechanisms.
CARFRA Coordinated Advertising, Rate And Form Review Authority.
CAS Casualty Actuarial Society.
CBMU Canadian Board Of Marine Underwriters.
CBOT Chicago Board Of Trade.
20 | P a g e
CBRA Coastal Barrier Resources Act Of 1982.

CBRS Coastal Barrier Resources System.
CCIA Consumer Credit Insurance Association.
CCIP Contractor Controlled Insurance Program.
CCIR Canadian Council Of Insurance Regulators.
CCLA Casualty Claim Law Associate..
CCLS Casualty Claim Law Specialist
CD Certificate Of Deposit.
CDS Credit Default Swap.
CDW Collision Damage Waiver.
CEB Council Of Employer Benefits.
CEBS Certified Employee Benefits Specialist.
CEL Contractors Environmental Liability.
CEN Confiscation, Expropriation, Nationalization .
CEND Confiscation, Expropriation, Nationalization, And Deprivation.
CEPT Credit Equivalent Bypass Trust.
CERCLA Comprehensive Environmental Response, Compensation, And Liability Act Of
1980.
CF Contract Frustration.
C&F Cost And Freight.
CFA Chartered Financial Analyst.
CFC Chartered Financial Consultant; Controlled Foreign Corporation.
CFMA Construction Financial Management Association.
CFP Certified Financial Planner; Coordinated Financial Planning.
CFROI Cash Flow Return On Investments.
CFTC Commodities And Futures Trading Commission.
CFU Customary Freight Unit.
CGL Commercial General Liability .
CHCM Certified Hazard Control Manager.
CHIAA Crop Hail Insurance Actuarial Association.
CIA Canadian Institute Of Actuaries.
CIAA Canadian Independent Adjusters Association.
CIAB Council Of Insurance Agents And Brokers.
CIC Certified Insurance Counselor.
CICA Captive Insurance Companies Association.
CIF Cost, Insurance, And Freight.
CIH Certified Industrial Hygienist; Compensated Intercorporate Hauling.
CII Chartered Insurance Institute.
CIM Commercial Inland Marine.
CIP Consolidated Insurance Program; Controlled Insurance Program.
CIPO Controlled Insurance Program For Operations.
CIRB Crop Insurance Research Bureau.
CISR Certified Insurance Service Representative.
CIT Critical Incident Technique.
CL Claims Leakage.
CLHIA Canadian Life & Health Insurance Association.
CLIEDIS Canadian Life Insurance Edi Standards Association.
CLM Commercial Lines Manual.
CLU Chartered Life Underwriter.
CM Construction Management; Construction Manager.
CMAA Construction Management Association Of America.
21 | P a g e
CMP Commercial Multiple Peril; Controlled Master Program.

CMT Crisis Management Team.
CNHI Committee For National Health Insurance.
CNP Cotton Named Perils (Insurance).
C/O Completed Operations.
COAA Construction Owners Association Of America.
COB Coordination Of Benefits.
COBRA Consolidated Omnibus Budget Reconciliation Act Of 1985.
COC Course Of Construction.
COGSA Carriage Of Goods By Sea Act Of 1936.
COGWA Carriage Of Goods By Water Act Of 1993.
COI Certificate Of Insurance.
COIL Conference Of Insurance Legislators.
COLA Cost Of Living Adjustment.
COO Chief Operating Officer.
COP Commercial Output Policy.
COPE Construction, Occupancy, Protection, Exposure.
COPPA Children’s Online Privacy Protection Act Of 1998.
COR Cost Of Risk.
COSO Committee Of Sponsoring Organizations.
CP Commercial Property .
CPA Certified Public Accountant; Consumer Protection Act.
CPCU Chartered Property Casualty Underwriter.
CPE Certified Professional Engineer.
CPI Consumer Price Index.
CPIW Certified Professional Insurance Woman.
CPL Comprehensive Personal Liability.
CPM Critical Path Method
CPP Certified Protection Professional.
CPPA Cable Communications Policy Act Of 1984
CPPL Care Providers Professional Liability.
CPRL Contractors Professional Liability.
CPSA Consumer Product Safety Act Of 1972.
CPSC Consumer Product Safety Commission.
CPSM Certified Product Safety Manager.
CPU Central Processing Unit.
CPWR Center To Protect Workers’ Rights.
CQE Certified Quality Engineer.
CR Commercial Crime.
CRA Cargo Reinsurance Association.
CRE Certified Reliability Engineer.
CRIS Construction Risk And Insurance Specialist.
CRM Canadian Risk Management.
CRO Chief Risk Officer.
CRS Community Rating System.
C&S Capital And Surplus.
CSC Construction Safety Council.
CSIO Centre For Study Of Insurance Operations.
CSL Combined Single Lim.It.
CSO Claim Services Only
22 | P a g e
CSO Commissioners Standard Ordinary Table.

TABLE
CSP Commercial Statistical Plan.
CSR Customer Service Representative.
CTD Cumulative Trauma Disorder.
CTG Control Technique Guidelines.
CURT Construction Users Roundtable.
CV Cash Value.
CVA Captive Value Added.
CVIF Compound Value Interest Factor.
CWCI California Workers’ Compensation Institute.
CWR Countrywide Rate Pages.
DAC Deferred Acquisition Cost.
DAP Deposit Administration Plan.
D&B Dun & Bradstreet.
D/B/A Doing Business As.
DB&C Dwelling, Building And Contents.
DBIA Design- Build Institute Of America
DCC Domestic Cell Captive.
DCF Discounted Cash Flow.
DCIP Developer Controlled Insurance Program.
DDD Dishonesty, Disappearance, And Destruction.
DDL Disclosure Dollar Loss.
DDP Distributed Data Processing.
DEC Declarations Page.
DED Deductible.
DEFS Direct Applied Exterior Finish System.
DEP Direct Earned Premium.
DFA Dynamic Financial Analysis.
DFIRM Digital Flood Insurance Rate Map.
DI Disability Income; Double Indemnity.
DIC Difference-In-Conditions.
DICGC Deposit Insurance and Credit Guarantee Corporation of India.
DIL Difference-In-Limits.
DITC Disability Insurance Training Council.
DJIA Dow Jones Industrial Average.
DMA Direct Marketing Association.
DMIC Direct Marketing Insurance Council.
DNI Distributable Net Income.
D&O Directors And Officers (Liability Insurance).
DOB Date Of Birth.
DOC Drive Other Car Coverage.
DOD Date Of Death.
DOHSA Death On The High Seas Act Of 1920.
DOJ Department Of Justice.
DOL Department Of Labor.
DOS Denial Of Service.
DOT Department Of Transportation.
DPP Deferred Premium Payment Plan.
DPPA Driver’s Privacy Protection Act Of 1994.
DQO Data Quality Objective.
23 | P a g e
DR Daily Report.
DRE Destruction And Removal Efficiency.
DRG Diagnostic Related Group.
DRI Defense Research Institute.
DSU Delay In Start-Up.
DTI Department Of Trade And Industry.
EA Enrolled Actuary.
EAB Experience Account Balance.
EAP Employee Assistance Program; Estimated Annual Premium.
EAR Erection All Risks.
EBIDDA Earnings Before Interest, Dividends, Depreciation, And Amortization.
EBIT Earnings Before Interest And Taxes.
EBITDA Earnings Before Interest,Taxes,Depreciation And Amortization.
EBRI Employee Benefit Research Institute.
EC Extended Coverage.
ECC Eastern Claims Conference.
ECF Extended Care Facility.
ECFC Employers Council On Flexible Compensation.
ECI Export Credit Insurance.
ECO Extra Contractual Obligations.
ECOR Economic Cost Of Run.
ECP Exempt Commercial Policyholder.
ECPA Electronic Communications Privacy Act Of 1986.
EDD Enforcement Decision Document.
EDI Export Development Corporation.
EDP Extended Discovery Period/Provision.
EEL Emergency Exposure Limits.
EEOC Equal Employment Opportunity Commission.
EIFS Exterior Insulation And Finish Systems.
EIL Environmental Impairment Liability.
EIS Environmental Impact Statement.
EJCDC Engineers Joint Contracts Documents Committee.
EL Employers Liability; Expected Loss.
ELL Educators Legal Liability.
ELP Excess Loss Premium .
ELR Expected Loss Rate.
EMAP Environmental Monitoring And Assistance Program.
EMT Emergency Medical Technician.
ENCP Erisa Non Compliance Program.
E&O Errors And Omissions.
EP Earned Premium.
EPA Environmental Protection Agency.
EPC Engineering/Procurement Construction.
EPD Expected Policyholder Deficit.
EPL Employment Practices Liability.
EPLI Employment Practices Liability Insurance.
EPS Earnings Per Share.
ERD Expected Reinsurer Deficit.
ERIC Erisa Industry Committee.
ERISA Employee Retirement Income Security Act Of 1974.
ERM Enterprise Risk Management.
24 | P a g e
ERP Extended Reporting Period.

ERPL Employment-Related Practices Liability.
ERSC Environmental Response Services Contractor.
E&S Excess And Surplus.
ESA Employee Spending Account.
ESI Electronically Stored Information.
ESOP Employee Stock Ownership Plan.
ESOT Employee Stock Ownership Trust.
ETB Engaged In Trade Or Business.
EUO Examination Under Oath.
EXPRO Expedited Process
FAA Federal Arbitration Act.
FAC Facultative Reinsurance.
FACTA Fair And Accurate Credit Transactions Act Of 2003.
FAIA Florida Association Of Insurance Agents.
FAIR Fair Access To Insurance Requirements.
FALU Fellow Of The Academy Of Life Underwriting.
FAP Family Automobile Policy.
FAR Federal Aviation Regulations.
FAS Free Along Side.
FASB Financial Accounting Standards Board.
FATA Financial Anti-Terrorism Act (Patriot Act) Of 2001.
FATCA Foreign Account Tax Compliance Act (Fatca).
F&C Fire And Casualty.
FCAS Fellow Of The Casualty Actuarial Society.
FCC Federal Communications Commission.
FCE Functional Capacity Evaluation.
FCIC Federal Crop Insurance Corporation.
FCII Fellowship Of The Chartered Insurance Institute.
FCLA Fraud Claim Law Associate.
FCLS Fraud Claim Law Specialist.
FCPA Federal Corrupt Practices Act Of 1910.
FCPA Foreign Corrupt Practices Act Of 1977.
FCPL Farmers Comprehensive Personal Liability.
FCRA Fair Credit Reporting Act Of 1970.
FC&S Free Of Capture And Seizure.
FDIC Federal Deposit Insurance Corporation.
FDPA Flood Disaster Protection Act Of 1973.
FECA Federal Employees’ Compensation Act Of 1916.
FEGLI Federal Employees Group Life Insurance.
FELA Federal Employers Liability Act Of 1908.
FEMA Federal Emergency Management Agency.
FERMA Federation Of European Risk Management Associations.
FET Federal Excise Tax.
FHBM Flood Hazard Boundary Map.
FHWA Federal Highway Administration
FIA Federal Insurance Administration.
FIC Fraternal Insurance Counselor.
25 | P a g e
FICA Federal Insurance Contribution Act Of 1935.

FICC Federation Of Insurance And Corporate Counsel
FIIC Fellow Of The Insurance Institute Of Canada.
FIO Federal Insurance Office.
FIRM Flood Insurance Rate Map.
FIRREA Financial Institutions Reform, Recovery, And Enforcement Act Of 1989.
FLMI Fellow Of The Life Management Institute.
FLSA Fair Labor Standards Act Of 1938.
FM Factory Mutual.
FMCSA Federal Motor Carrier Safety Administration.
FMCSR Federal Motor Carrier Safety Regulations.
FMHSA Federal Mine Health And Safety Act Of 1969.
FMLA Family And Medical Leave Act Of 1993.
FMV Fair Market Value.
FNMA Federal National Mortgage Association.
FOB Free On Board.
FOC Fire Office Committee Forms.
FOSFI Federal Office Of The Superintendent Of Financial Institutions.
FPA Free Of Particular Average.
FPAAC Free Of Particular Average.
FPEB Fire Prevention And Engineering Bureau.
FRM Fellow In Risk Management
FRV Fair Rental Value.
FSA Flexible Spending Account.
FSLIC Federal Savings And Loan Insurance Corporation
FTC Federal Trade Commission.
FTCAC Fire, Theft, And Combined Additional Coverage.
FVD Full Value Declared.
FVWC Foreign Voluntary Workers Compensation.
GA General Agent.
GAAP Generally Accepted Accounting Principles.
GAAS Generally Accepted Auditing Standards.
GAB General Adjustment Bureau.
GAMA General Agents And Managers Association.
GAMC General Agents And Managers Conference.
GAO Government Accountability Office.
GAP Guaranteed Auto Protection.
GASB Governmental Accounting Standards Board.
GC Guaranteed Cost.
GCCI Guy Carpenter Catastrophe Index.
GCD Guaranteed Cost Discount.
GCW Gross Combination Weight.
GDP Gross Domestic Product.
GFCI Ground Fault Circuit Interrupter.
GHAA Group Health Association Of America.
GIC Guaranteed Investment Contract.
GINA Genetic Information Nondiscrimination Act Of 2008.
GIO Guaranteed Insurability Option.
GKLL Garage Keepers Legal Liability.
GL General Liability.
GLB Gramm-Leach-Bliley Act Of 1999.
26 | P a g e
GNEPI Gross/Net Earned Premium Income.

GNMA Government National Mortgage Association.
GNPI Gross/Net Premium Income.
GPO Government Printing Office.
GULP Group Universal Life Program.
GWP Gross Written Premium.
HB House Bill.
HCQIA Health Care Quality Improvement Act Of 1986.
HFIE Huebner Foundation For Insurance Education.
HHG Household Goods.
HI Health Insurance.
HIAA Health Insurance Association Of America.
HII Health Insurance Institute.
HIPAA Health Insurance Portability And Accountability Act Of 1986.
HLDI Highway Loss Data Institute.
HLV Human Life Value.
HMO Health Maintenance Organization.
HOLUA Home Office Life Underwriters Association.
HPL Hospital Professional Liability.
HPR Highly Protected Risk.
HR Human Resources.
HRS Hazardous Ranking System.
HSA Health System Agency.
HSP Healthcare Safety Professional.
IAC Industrial Accident Commission.
IAHU International Association Of Health Underwriters.
IAIABC International Association Of Industrial Accident Boards & Commissions.
IAIS International Association Of Insurance Supervisors.
IAOC Insurers’ Advisory Organization Of Canada.
IASA Insurance Accounting And Systems Association, Inc.
IBAC Insurance Brokers Association Of Canada.
IBANS Insurance Brokers Association Of Nova Scotia.
IBC Insurance Bureau Of Canada.
IBNER Incurred But Not Enough Reserved.
IBNR Incured But Not Reported.
IBT Income Before Taxes.
ICA International Claim Association; Insurance Consortium Of America.
ICAC Insurance Committee For Arson Control.
ICC Interstate Commerce Commission.
ICEDS Insurance Company Education Directors Society.
ICIA International Credit Insurance Association.
ICISA International Credit Insurance & Surety Association.
ICP Insurance Conference Planners.
ICPA Insurance Conference Planners Association.
ICPI Insurance Crime Prevention Institute.
ICSID International Center For The Settlement Of Investment Disputes.
IDBI Industrial Development Bond Insurance.
IDI Inherent Defects Insurance.
IDL Independent Director Liability.
IDLH Immediately Dangerous To Life And Health.
IDM Integrated Disability Management.
27 | P a g e
IDMA Insurance Data Management Association.

IEA Insurance Educational Association.
IFC Insured Fixed-Price Cleanup.
IFCA Insurance Fair Conduct Act.
IFEBP International Foundation Of Employee Benefit Plans.
IFSC International Financial Services Centre.
IFSRA Irish Financial Services Regulatory Authority.
IFTA International Fuel Tax Agreement.
IGF Insurance Guaranteed Financing.
IHOU Institute Of Home Office Underwriters.
IIA Insurance Institute Of America, Inc.
IIAA Independent Insurance Agents Of America, Inc.
IIABA Independent Insurance Agents And Brokers Of America, Inc.
IIAC International Insurance Advisory Council.
IIAT Independent Insurance Agents Of Texas.
IIC Insurance Institute Of Canada.
IICAE Insurance Industry Consumer Affairs Exchange.
IIE Illinois Insurance Exchange.
IIED Intentional Infliction Of Emotional Distress.
IIHS Insurance Institute For Highway Safety.
III Insurance Information Institute.
IILA International Institute Of Loss Adjusters.
IIMA Insurance Industry Meetings Association.
IIS International Insurance Seminars, Inc.
IJA Interjurisdictional Agreement On Workers Compensation.
IL Interline .
ILAB Insurance Library Association Of Boston.
ILCA Insurance Loss Control Association.
ILF Increased Limits Factor.
ILOC Irrevocable Letter Of Credit.
ILU Institute Of London Underwriters.
IMCA Insurance Marketing Communications Association.
IMUA Inland Marine Underwriters Association.
IOS International Organization For Standardization.
IPA Independent Practice Association.
IPAC Insurance Public Affairs Council.
IPD Integrated Project Delivery.
IPFA Insurance Premium Finance Association.
IPO Initial Public Offering.
IPT Insurance Premium Tax.
IR Incident Recall.
IRA Individual Retirement Account.
IRC Insurance Research Council; Internal Revenue Code.
IRES Insurance Regulatory Examiners Society.
IRI Industrial Risk Insurers.
IRIS Insurance Regulatory Information System.
IRM Improved Risk Mutuals.
IRMC Institute For Risk Management Consultants.
IRMI International Risk Management Institute, Inc.
IRP International Registration Plan.
IRPM Individual Risk Premium Modification.
28 | P a g e
IRR Internal Rate Of Return.

IRS Internal Revenue Service.
IRUA Intermediaries & Reinsurance Underwriters Association.
ISCEBS International Society Of Certified Employee Benefits Specialists.
ISO Insurance Services Office, Inc.
ISTEA Intermodal Surface Transportation Efficiency Act Of 1991.
ITA Interjurisdictional Trucking Agreement.
ITC Investment Tax Credit.
ITCIF International Trade Credit Insurance Facility.
ITES Information Technology Enabled Services.
ITI Insurance Testing Institute.
IVANS Insurance Value Added Network Services.
IWH Institute For Work & Health.
JCAH Joint Commission On The Accreditation Of Hospitals.
JCAHO Joint Commission On Accreditation Of Healthcare Organizations
JHA Job Hazard Analysis.
JOA Joint Operating Agreement.
JOBS Jumpstart Our Business Startups Act.
JSA Job Safety Analysis.
JUA Joint Underwriting Authority; Joint Underwriting Association.
JV Joint Venture.
LAE Loss Adjustment Expense.
LASH Lighter Aboard Ship
LCA Life Communicators Association.
LCF Loss Conversion Factor.
LDF Loss Development Factor.
LDW Limited Damage Waiver.
LEA Loss Executives Association.
LEED Leadership In Energy And Environmental Design.
LEPC Local Emergency Planning Committee.
LHWCA Longshore And Harbor Workers’ Compensation Act Of 1927.
LIAA Life Insurance Association Of America.
LIAMA Life Insurance Agency Management Association.
LIBOR London Interbank Offered Rate.
LIC Life Insurance Corporation of India.
LIMRA Life Insurance Marketing & Research Association.
LIRB Liability Insurance Research Bureau.
LLC Limited Liability Company.
LMU Loss Mitigation Underwriting.
LOC Letter Of Credit.
LOMA Life Office Management Association.
LPCS Legal Principles Claim Specialist.
LPRT Leading Producers Round Table.
LPSO Lloyd’s Policy Signing Office.
LPT Loss Portfolio Transfer.
LRRA Liability Risk Retention Act Of 1986.
LTA Lost Time Accident.
LTC Long Term Care.
LTD Long-Term Disability.
LTL Less Than Truckload.
LUMP Limits Under Multiple Policy Years.
29 | P a g e
LUTC Life Underwriter Training Council,

MAAA Member Of American Academy Of Actuaries.
MAC Maximum Allowable Concentration.
MAP Market Assistance Plan.
MAS Management Advisory Service.
MBIA Municipal Bond Insurance Association.
M&C Manufacturers And Contractors (Insurance).
MCA Motor Carrier Act Of 1980.
MCO Managed Care Organization.
MCR Minimum Capital Requirement.
MCS Monte Carlo Simulation.
M&D Minimum And Deposit.
MDL Maximum Dollar Loss.
MDO Monthly Debit Ordinary Life Insurance.
MDRT Million Dollar Round Table.
MET Multiple Employer Trust.
MEWAS Multiple Employer Welfare Associations.
MEWP Mobile Elevated Work Platform.
MFL Maximum Foreseeable Loss.
MGA Managing General Agent.
MGU Managing General Underwriter.
MIB Medical Information Bureau.
MICA Mortgage Insurance Companies Of America.
MICRA Medical Injury Compensation Reform Act Of 1975
MIGA Multilateral Investment Guarantee Agency.
MIS Management Information System.
MLE Maximum Loss Expectancy.
MLEA Multiple Line Exclusive Agent.
MLIS Management Liability Insurance Specialist.
MLR Multiple Location Risk.
MMI Maximum Medical Improvement.
MMII Mass Marketing Insurance Institute.
MMSEA Medicare, Medicaid, And SCHIP Extension Act Of 2007.
MOL Mitigation Of Loss.
MOP Manufacturers Output Policy.
MORT Management Oversight And Risk Tree.
MOSB Mercantile Open Stock Burglary.
MP Minimum Premium; Multiple Peril.
MPCI Multi-Peril Crop Insurance.
MPEE Multi-Period Excess Earnings.
MPL Maximum Possible Loss.
MPP Managed Premium Plan.
MPRMA Missouri Public Risk Management Association.
MSA Market Service Agreement; Master Service Agreement.
MSAWPA Migrant And Seasonal Agricultural Worker Protection Act Of 1983.
MSBF Money And Securities Broad Form.
MSD Musculoskeletal Disorder.
MSDS Material Safety Data Sheet.
30 | P a g e
MSVR Mandatory Securities Valuation Reserve.

MTC Motor Truck Cargo.
MVC Mean/Variance/Covariance.
MVIC Market Value Of Invested Capital.
MVR Motor Vehicle Record.
MYSL Multiyear Single Limit.
NAA National Association Of Accountants.
NAAQS National Ambient Air Quality Standard.
NABRTI National Association Of Bar- Related Title Insurers.
NACA National Association Of Catastrophe Adjusters.
NACIA National Association Of Crop Insurance Agents.
NAFI National Association Of Fire Investigators.
NAFIC National Association Of Fraternal Insurance Counselors.
NAFTA North American Free Trade Agreement.
NAHU National Association Of Health Underwriters.
NAIA National Association Of Insurance Agents.
NAIC National Association Of Insurance Commissioners.
NAICS North American Industry Classification System.
NAIFA National Association Of Insurance And Financial Advisors.
NAII National Association Of Independent Insurers.
NAIIA National Association Of Independent Insurance Adjusters.
NAIIO Non- Admitted Insurers Information Office.
NAIW National Association Of Insurance Women.
NALC National Association Of Life Companies.
NAMIC National Association Of Mutual Insurance Companies.
NAOHP National Association Of Occupational Health Professionals.
NAPEO National Association Of Professional Employer Organizations.
NAPIA National Association Of Public Insurance Adjusters.
NAPSLO National Association Of Professional Surplus Lines Offices.
NARAB National Association Of Registered Agents And Brokers.
NASBA National Association Of State Boards Of Accountancy.
NASBP National Association Of Surety Bond Producers.
NASD National Association Of Securities Dealers.
NASDAQ National Association Of Securities Dealers Automated Quotations.
NASI National Academy Of Social Insurance.
NASP National Association Of Subrogation Professionals.
NATB National Automobile Theft Bureau.
NAUA National Auto Underwriters Association.
NBCR Nuclear, Biological, Chemical Or Radiological Weapons.
NBFU National Board Of Fire Underwriters.
NCCI National Council On Compensation Insurance.
NCCMP National Coordinating Committee For Multi
NCIGF National Conference Of Insurance Guaranty Funds.
NCIL National Conference Of Insurance Legislators.
NCOIL National Conference Of Insurance Legislators.
NCPI National Committee On Property Insurance.
NCSI National Council Of Self.
NCUA National Credit Union Administration.
NDI National Disaster Insurance Association.
NEAB Notional Experience Account Balance.
NEFE National Endowment For Financial Education.
31 | P a g e
NEPA National Environmental Policy Act Of 1969.

NFIA Nonappropriated Fund Instrumentalities Act Of 1952.
NFCA National Fraternal Congress Of America.
NFFE Nonfinancial Foreign Entity.
NFIP National Flood Insurance Program.
NFIRA National Flood Insurance Reform Act Of 1994.
NFPA National Fire Protection Association.
NFUCWC National Foundation For Unemployment Compensation And Workers
Compensation.
NHCAA National Health Care Anti- Fraud Association.
NHI National Health Insurance.
NHTSA National Highway Traffic Safety Administration.
NICB National Insurance Crime Bureau.
NICO National Insurance Consumer Organization.
NIDC National Insurance Development Corporation.
NIOSH National Institute For Occupational Safety And Health.
NIPA National Institute Of Pension Administrators.
NIRP National Insurance Risk Profile.
NISS National Independent Statistical Service.
NLE Normal Loss Expectancy Of A Risk.
NOA Naturally Occurring Asbestos.
NOC Not Otherwise Classified.
NODS Non-Owned Disposal Sites.
NOL Not Officially Lapsed.
NOLHIGA National Organization Of Life And Health Insurance Guaranty Associations.
NP Named Perils.
NPD No Payroll Division.
NPDB National Practitioner Data Bank.
NPL National Priority List.
NPV Net Present Value.
NRC Nuclear Regulatory Commission.
NRMC Nonprofit Risk Management Center.
NRRA National Risk Retention Association.
NRT National Response Team.
NSIPA National Society Of Insurance Premium Auditors.
NSLI National Service Life Insurance.
NSP Net Single Premium.
NSPA National Society Of Public Accountants.
NSPE National Society Of Professional Engineers.
NSPS New Source Performance Standards.
NTSB National Transportation Safety Board.
NVD No Value Declared.
OASDHI Old Age, Survivors, Disability, And Health Insurance (Act) Of 1935.
OCA Outstanding Claims Account.
OCIP Owner Controlled Insurance Program.
OCP Owners And Contractors Protective.
OCSLA Outer Continental Shelf Lands Act Of 1953.
OECD Organization For Economic Cooperation And Development.
OEE Operators Extra Expense.
OFA Organized Flying Adjusters.
OGP Original Gross Premium.
32 | P a g e
OI Outage Insurance.
OIS Operating Information System.
OL&T Owners, Landlords, And Tenants.
O&M Operations And Maintenance.
OMCS Office Of Motor Carrier Standards.
OPIC Overseas Private Investment Corporation.
OPPI Owners Protective Professional Indemnity.
ORFS Operational Risk Financing Securities.
ORM Operational Risk Management.
OSHA Occupational Safety And Health Administration.
OSLR Outstanding Loss Reserves.
OTC Other Than Collision.
PA Particular Average; Predictive Analytics.
PAAS Premium Audit Advisory Service.
PAC Political Action Committee.
PAIU Professional Association Of Insurance Underwriters.
PAP Personal Auto Policy.
PARMA Public Agency Risk Managers Association.
PAS Premium Allocation System.
PBGC Pension Benefits Guaranty Corporation.
PC Professional Corporation.
P&C Property And Casualty.
PCAOB Public Company Accounting Oversight Board.
PCC Protected Cell Captive.
PCI Property Casualty Insurers Of America.
PCIP Partner Controlled Insurance Program.
PCLA Property Claim Law Associate.
PCLS Property Claim Law Specialist.
PDA Pregnancy Discrimination Act Of 1978.
PDL Personal Director Liability.
PEBB Public Employee Blanket Bond.
PEO Professional Employer Organization.
PERT Performance, Evaluation, And Review Technique.
PI Personal Injury.
P&I Protection And Indemnity.
PIA Primary Insurance Account.
PIAA Physician Insurers Association Of America.
PICA Professional Insurance Communicators Of America.
PII Personally Identifiable Information.
PIP Personal Injury Protection.
PIPEDA Personal Information Protection And Electronic Documents Act Of 2000.
PIPSO Property Insurance Plans Service Office.
PL Professional Liability.
PLE Primary Loss Expectancy.
PLL Pollution Legal Liability.
PLR Primary Loss Retention.
PLRB Property Loss Research Bureau.
PLUS Professional Liability Underwriting Society.
PMA Package Modification Adjustment.
PMF Package Modification Factor.
PMI Private Mortgage Insurance.
33 | P a g e
PML Probable Maximum Loss.

PMPL Project Management Protective Liability.
PNOC Provisional Notice Of Cancellation.
POL Public Officials Liability.
PORC Producer-Owned Reinsurance Company.
PPACA Patient Protection And Affordable Care Act.
PPF Personal Property Floater.
PPO Preferred Provider Organization.
PR Pro Rata.
PRD Pro Rata Distribution.
PRI Political Risk Insurance.
PRIMA Public Risk Management Association.
PRM Personal Risk Management.
PRO Peer Review Organization.
PRP Potentially Responsible Party; Preferred Risk Policy.
PSA Placement Service Agreement.
PSAC Policy Signing And Accounting Centre .
PSC Public State Commission; Public Service Commission.
PSI Pollutant Standard Index.
PSLRA Private Securities Legislation Reform Act.
PSRO Professional Standards Review Organization.
PTE Prohibited Transaction Exemption.
P3 Public
PUC Public Utilities Commission.
PURMA Public Utilities Risk Management Association.
PV Present Value.
QC Quality Control.
QIP Quality Indicator Profile.
QIS Quantitative Impact Study.
QPC Qualified Pollution Exclusion.
QTIP Qualified Terminable Interest Property Trust.
RA Remedial Action.
RAA Reinsurance Association Of America.
RACM Regulated Asbestos-Containing Material.
RACT Reasonably Available Control Technology.
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.
RCRA Resource Conservation And Recovery Act Of 1976.
RDF Retro Development Factor.
REEL Real Estate Environmental Liability.
REIT Real Estate Investment Trust.
34 | P a g e
REL Recommended Exposure Limit.

RFIS Remedial Feasibility Investigation Study.
RFP Request For Proposal.
RICO Racketeer Influenced And Corrupt Organizations Act Of 1970.
RIF Reduction In Force.
RIMAS Risk & Insurance Management Association Of Singapore.
RIMS Risk And Insurance Management Society, Inc.
RM Risk Management.
RMF Rate Modification Factor.
RMIA Risk Management Institution Of Australasia Ltd.
RMIS Risk Management Information System.
RML Residual Market Load.
ROC Research And Oversight Council On Workers’ Compensation.
ROCIP Rolling Owner Controlled Insurance Program.
ROE Return On Equity.
ROEBI Return On Employee Benefits Investment.
ROI Return On Investment.
ROL Rate On Line.
RORAC Return On Risk-Adjusted Capital.
RP Return Premium.
RPG Risk Purchasing Group.
RPII Related Party Insurance Income.
RPLU Registered Professional Liability Underwriter.
RPM Remedial Project Manager.
RPMP Risk Premium Modification Plan.
RQ Reportable Quantity.
RRA Risk Retention Act Of 1986.
RRE Responsible Reporting Entity.
RRG Risk Retention Group.
RRP Railroad Protective.
RRSP Registered Retirement Saving Plan.
RSPA Research And Special Programs Administration.
RTC Resolution Trust Corporation.
35 | P a g e
RTW Return To Work.

SA Society Of Actuaries.
SAA Surety Association Of America.
(SAAS) Software As A Service Model.
SAC Separate Account Company.
SAP Statutory Accounting Principles.
SARA Superfund Amendments And Reauthorization Act Of 1986.
SARBOX Sarbanes-Oxley Act Of 2002.
SAWCA Southern Association Of Workers’ Compensation Administrators.
SAWW Statewide Average Weekly Wage.

SB Senate Bill.
SBLI Savings Bank Life Insurance.
SBU Series Business Unit.
SCAS Securities Class Action Suits Filings.
SCC Segregated Cell Captive.
SCCIA South Carolina Captive Insurance Association.
SCHIP State Children’s Health Insurance Program.
SCIC Society Of Certified Insurance Counselors.
SCLA Senior Claim Law Associate.
SCOH Statistical Coding Occupancy Hazard.
SCOPE Supervision, Construction, Occupancy, Protection, Exposure.
SCPCU Society Of Chartered Property & Casualty Underwriters.
SCR Solvency Capital Requirement.
SEC Securities And Exchange Commission.
SEMCI Single-Entry Multiple Company Interface.
SEP Simplified Employee Pension.
SERC State Emergency Response Commission.
SERP Senior Executive Retirement Plan.
SERP Supplementary Employee Retirement Plan.
SEUA Southeastern Underwriters Association.
SF Standard Fire Forms.
SFAA Surety & Fidelity Association Of America .
SFHA Special Flood Hazard Area.
SFIP Standard Flood Insurance Policy.
SFP Standard Fire Policy.
36 | P a g e
SGLI Servicemen’s Group Life Insurance.

SIA Society Of Insurance Accountants.
SIC Standard Industrial Classification.
SIFM Society Of Insurance Financial Management.
SIG Self- Insurance Group.
SIIA Self- Insurance Institute Of America.
SIO Surety Information Office.
SIP State Implementation Plans.
SIPC Securities Investor Protection Corporation.
SIR Self-Insured Retention; Society Of Insurance Research.
SIRP Self- Insured Reimbursement Policy.
SITE Society Of Insurance Trainers And Educators.
SIU Special Investigative Unit.
SK Storekeepers.
S&L Savings And Loan.
SL Sprinkler Leakage.
SLC Special Litigation Committee.
SLR Stop-Loss Reinsurance.
SLUSA Securities Litigation Uniform Standards Act.
SME Small And Medium Enterprises.
SMP Special Multi
SNUR Significant New Use Rule.
SOA Society Of Actuaries.
SOX Sarbanes-Oxley Act Of 2002.
S&P Standard And Poor’s.
SPAP Special Personal Auto Policy.
SPBA Society Of Professional Benefit Administrators.
SPCV Special Purpose Corporate Vehicle.
SPECS Specifications.
SR Short Rate.
SRA Society For Risk Analysis.
SR&CC Strikes, Riots, And Civil Commotions.
SRMC Society Of Risk Management Consultants.
SSA Social Security Administration.
SSAP 62 Statement Of Statutory Accounting Principles No. 62.
37 | P a g e
SSRS Single State Registration System.

STD Short- Term Disability.
TAM Technical Advice Memorandum.
TAIL VAR Tail Value At Risk.
TAMRA Technical And Miscellaneous Revenue Act Of 1988.
TCD Treasury Certificate Of Deposit.
TCE Tail Conditional Expectation.
TCN Third Country National.
TCPA Telephone Consumer Protection Act Of 1991.
TDA Tax Deferred Annuity.
TDB Temporary Disability Benefits.
TDI Trade Disruption Insurance.
TECH E&O Technology Errors And Omissions.
TEFRA Tax Equity And Financial Responsibility Acts Of 1982 & 1983.
TERI Targeted Enterprise Risk Insurance.
TEXAS Texas Public Risk Management Association.
TIAA Teachers Insurance And Annuity Association.
TIF Tax Incremental Financing.
TIL Truth In Lending (Act Of 1968).
TIRB Transportation Insurance Rating Bureau
TIV Total Insurable Value.
TL Truckload.
TLO Total Loss Only.
TLV Threshold Limit Value.
TM Tax Multiplier.
TMP Texas Multi
TOLI Trust-Owned Life Insurance.
TOR Technique Of Operations Review.
TPA Third-Party Administrator.
TPRMA Tennessee Public Risk Management Association.
TRA Tax Reform Act Of 1984.
TRIA Terrorism Risk Insurance Act Of 2002.
TRIEA Terrorism Risk Insurance Extension Act Of 2005.
TRIP Terrorism Risk Insurance Program.
TRIPRA Terrorism Risk Insurance Program Reauthorization Act Of 2007.
38 | P a g e
TRIREA Terrorism Risk Insurance Revision And Extension Act Of 2007.

TRS Total Reduced Sulphur.
TSA Tax Sheltered Annuity.
TSCA Toxic Substances Control Act Of 1976.
TSDF Treatment, Storage, And Disposal Facility.
TSLA Texas Surplus Lines Association, Inc.
TTD Temporary Total Disability.
UBIT Unrelated Business Income Tax.
UBTI Unrelated Business Taxable Income.
UCC Uniform Commercial Code.
UCD Unemployment Compensation Disability.
UCI Unemployment Compensation Insurance.
UCR Usual, Customary, Reasonable.
UCRA Unified Carrier Registration Agreement.
UEL Upper Explosive Level.
UEP Unearned Premium.
UEPR Unearned Premium Reserve.
UFTA Uniform Fraudulent Transfer Act.
UIM Under Insurance Motorist.
UIMV Underinsured Motor Vehicle.
UJF Unsatisfied Judgment Fund.
UL Umbrella Liability.
ULAE Unallocated Loss Adjustment Expense.
ULC Underwriters Laboratories Of Canada.
UM Uninsured Motorists.
UMPD Uninsured Motorist Property Damage.
UMV Uninsured Motor Vehicle.
UNL Ultimate Net Loss.
U&O Use And Occupancy.
UP Unearned Premium.
UPR Unearned Premium Reserve.
UPS Uninterruptible Power System.
URL Uniform Resource Locator.
URMIA University Risk Management & Insurance Association.
USDA U.S. Department Of Agriculture.
39 | P a g e
USERRA Uniformed Services Employment And Reemployment Rights Act Of 1994.

USGLI U.S. Government Life Insurance.
USITC U.S. International Trade Commission.
USL&HW United States Longshore And Harbor Workers’ (Compensation Act) Of 1927.
UST Underground Storage Tank.
UTBMS Uniform Task Based Management System.
VAR Value-At-Risk.
VCIA Vermont Captive Insurance Association.
VEBA Voluntary Employees’ Beneficiary Association.
VGLI Veterans Group Life Insurance.
VIE Variable Interest Entity.
V&MM Vandalism And Malicious Mischief.
VOC Volatile Organic Compound.
VOR Value Of Risk.
VP Valuable Papers.
VPP Voluntary Protection Program.
VPPA Video Privacy Protection Act Of 1988.
VSI Vendors Single Interest.
WA With Average.
WACC Weighted Average Cost Of Capital.
WAEPA Worldwide Assurance For Employees Of Public Agencies.
WARN Workers’ Adjustment Retraining Notification (Act Of 1988).
WC Workers Compensation.
WCLA Workers’ Compensation Claim Law Associate.
WCLS Workers’ Compensation Claim Law Specialist.
WCRI Workers Compensation Research Institute.
WLRT Women Leaders Round Table.
WMD Weapon Of Mass Destruction.
WPA With Particular Average.
WYO Write-Your-Own.
YRCT Yearly Renewable Convertible Term.
YRT Yearly Renewable Term.
40 | P a g e
Important Insurance Awareness Questions & Answers

The central office of the Life Insurance Corporation of India (LIC) is located at
1. Kolkata
2. New Delhi
3. Chennai
4. Pune
5. Mumbai
Which of the following is not the name of an Insurance Scheme launched by the Government of
India
1. Janashree Bima Yojana
2. Krishi Shramik Sarnajik Suraksha Yojana
3. Shiksha Sahyog Yojana
4. Varsha Bima Yojana
5. National Saving Scheme Programme
The Life Insurance Corporation Of India has how many Zonal offices in India ?
1. Five
2. Eight
3. Ten
4. Fifteen
5. None of these
As per the news published in various newspapers, Life Insurance policies may become paperless in
the near future. This means
1. LIC will not insure any person here after as it has already reached its peak
2. LIC will not ask for any documents from a person who wishes to purchase an Insurance
policy
3. All policy related documents and policy certificates will henceforth be available in
electronic form and not in their present physical
4. LIC henceforth will not entertain any claim or complaint in written form or on paper. Things should
be in electronic condition.
5. None of these
The punch line of the advertisement of which of the following organization is “Jindagi ke sath bhi
Jindagi ke bad bhi” ?
1. New India Assurance
2. General Insurance Corporation
3. ICICI Prudential
4. Life Insurance Corporation Of India
5. None of these
41 | P a g e
Which of the following insurance companies writes its punch line in the advertisements “Insurance
is the subject matter of solicitation” ?
1. CIC
2. LIC
3. ING Vysya Life InsuranceCo.
4. Tata AIG Life Insurance Co
5. None of these
If an organization wishes to venture into Insurance Business it has to obtain a licence first from
which of the following ?
1. Indian Banks Association (IBA)
2. Security and Exchange Board of India (SEBI)
3. Tariff Advisory Committee (TAC)
4. Insurance Regulatory and Development Authority of India (IRDAI)
5. None of these
Which of the following was the parent company of New India Assurance ?
1. LIC
2. GIC
3. Oriental Insurance Co. Ltd.
4. United India Insurance
5. None of these
The New India Assurance Company was established in 1919 by

1. Dorab Tata
2. G. D. Birla
3. Jamunalal BajaJ
4. Kamlapat Singhania
5. None of these
Which of the following is largest Non Life Insurance Company in India ?

1. ICICI Lombard General Insurance Company Ltd.
2. United India Insurance Company Ltd.
3. General Insurance Company Ltd.
4. New India Assurance Company Ltd.
5. None of these
Which of the following Insurance Companies was launched with NABARD as one of its
promoter’s with 30% stake in it ?
1. General Insurance Corporation Ltd.
2. National Insurance Cornpany Ltd.
3. Agriculture Insurance Company Ltd,
4. SBI Life Insurance Company Ltd.
5. None of these
Which of the following words/ terms is closely associated with the insurance business
1. Archives
2. Donation
42 | P a g e
3. Actuary
4. Quest
5. All are associated with insurance
Which of the following is the best description of what insurance is?

1. Insurance = Collective bearing of risk
2. Insurance = Paying for other’s mistake
3. Insurance = Taking from ‘A’ to pay ‘B’
4. Insurance = Paying for something which will never happen
5. All of these
Which of the following correctly describes what the ‘Bancassurance’ is

1. It is an arrangement whereby the branches of a bank sell / distribute insurance products of an
insurance company.
2. It is a new product developed/ launched by the banks in which the risks of the high value customers are
covered for any losses to their property and/or lives through an insurance cover.
3. It is a new product launched by some banks by which they are providing insurance cover to exporters/
importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major
currencies.
(A) Only 1
(B) Only2
(C) Only 3
(D) All 1, 2 and 3
(E) None of these
In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?
1. This is the date on which the policy was sold to the customer/person insured.
2. This is the date on which the policy holder will have to submit his/her claim seeking
the amount of the policy. Otherwise the company will not make any payment to
him/her.
3. This is the date on which the contract between the person and insurance company will come to
an end.
4. The date on which the insurance company makes the final payment to the insured
person which is normally fifteen days after the “payment due date”.
5. None of these
Which of the following types of companies/ organisations issue ULIP?

1. Insurance companies
2. Banks
3. NABARD
4. RBI
5. All of these
All of the following is true regarding ULIPs EXCEPT:

1. Unit Holders acn choose between different kind of funds.
2. Life insurers provide Guarantee for all unit values.
43 | P a g e
3. Units may be purchased by payment of single premium or via regular premium payments.
4. ULIP policy structure is transparent with regards to insurance expenses components.
Insurance business in India is regulated by which of the following authorities?

1. NFCG
2. IRDA
3. CII
4. FICCI
5. All of these
“A contract that pledges payment of an agreed upon amount to the person (or his/her nominee)
on the happening of an event covered against” is technically known as
1. Death coverage
2. Life Insurance
3. Savings for future
4. Provident Fund
5. None of these
As we know, the Government is paying much attention to “Micro Finance” these days. Which of
the following is one of the examples of Micro Finance?
1. Insurance for life
2. Investment in Mutual Funds
3. Self Help Groups
4. Letter of Credit
5. All of these
Which of the following insurance plan is not launched by LIC?

1. Jeevan Abhaya
2. Life Mahalife Gold Plan
3. Child Career Plan
4. Child Future Plan
5. Jeevan Saral
Which of the following terms is Not used in the world of finance, banking and
insurance?
1. Devaluation
2. Amnesty
3. Hard currency
4. Preference share
5. Sinking fund
How many maximum children from a family are covered for the benefits under the Shiksha
Sahyog Yojana launched by the LIC ?
1. One only
2. Two only
3. Three only
4. One Girl Child only
5. None of these
44 | P a g e
Which of the following schemes launched in the year 2000 by the LIC replaced social Securitty
group Insurance Schemes (SSIGS) and Rural Group Life Insurance Schemes (RGLIS)?
1. Janshree Bima Yojana
2. Bhagyashree Child Welfare Bima Yojana
3. Jan Arogya Bima Yojana
4. Raj Rajeshwari Mahila Kalyan Yojana
5. None of these
Which of the following Scheme was launched by the LIC to provide life insurance protection,
perodical lumpsum survival benefit and pension to the agricultural workers in India ?
1. Krishi Shramik Samajik Suraksha Yojana
2. Jan Shree Bima Yojana
3. Mahila Kalyan Yojana
4. Sampurna Arogya Bima Policy
5. None of these
Insurance company transfers the insurance which cannot bear by them to which of the following
?
1. TPAs
2. Bancassurance
3. Reinsurance
4. Actuaries
Which of the following is customer of a Reinsurer?

1. Insurance Companies
2. High Networth Individual
3. Licenced Insurance Agents
4. NGOs
The Non Government organizations(NGO) helps the insurance industry mainly in

1. Linking third party administrators
2. Promotional activities
3. Drafting new regulations
4. Linking buyers and sellers
Investment by foreign direct investors in to Insurance companies is restricted to what percent?

1. 22%
2. 24%
3. 30%
4. 26%
Based on which aspect,Churning is bad ?

1. Agents earn Lower Commission on churning
2. Policyholders suffer due to surrender charges and benefits
3. Policyholder gets more benefits
45 | P a g e
4. Insurance companies get good branding
What is the maximum Time in which The insurer should settle a claim when all
documents are submitted
1. 5 days
2. 20 days
3. 30 days
4. 15 days
A missing person is considered to be dead after how many years of missing ?
1. 3years
2. 5years
3. 15 years
4. 7years
A insurer advertises through daily news paper . What type of marketing is

1. cross selling
2. policy selling
3. Solicitation of Policy
4. Insurance selling
MWP- If the policy is endorsed under MWP – then the beneficiaries are wife and ?
1. ex-wife
2. children
3. mother
4. parents
How is complaint to be launched with an insurance ombudsman?

1. Made face to face
2. made in writing
3. through newspaper advertisement
4. orally over the phone
Which Insurance Company started its operation in the year in which India got
Independence?
1. UIICL
2. GIC
3. LIC
4. OICL
Who was the actual Pioneer of LIC?

1.Debendranath Tagore
2.S.K.Roy.
3.Surendranath Tagore
4.A.K.Roy.
Who among the following was appointed as member(actuary) in Insurance Regulatory Authority
of India (IRDA) recently?
1. Pournima Gupte
2. Pournima Sarkar
46 | P a g e
3. Jyotsna Suri
4. None of these
The Total Business of 4 Public Sector General Insurance Company in 2013-14 put
together was about:
1.40000cr.
2.41000cr.
3.42000cr
4.45000cr.
NIACL’s pioneer was:

1. Sir Jamshedji Tata
2. Sir Dorabji Tata
3. Sir Ratan Tata
4. None of these
What does the term Actuary stands for in Insurance:

1. A specialist in Insurance claimsettlement
2. A specialist in insurance marketing
3. A specialist in Insurance calculations
4. None of this
ECGC is made to provide:

1. Insurance cover in external trade
2. Insurance cover in internal trade
3. Insurance cover in export trade
4. Insurance cover in import trade.
Which is not a part of Life insurance?

1. Endowment
2. Term
3. Priority
4. Annuity
“Prithvi Agni Jal Akash,Sab ki suraksha humare pas” this tagline is associated with:
1. NICL
2. OICL
3. DHFL
4. NIACL
GIC was incorporated in the year?

1.1971
2.1972
3.1973
4.1974
General Insurance(Public Sector) Association of India’s HQ is situtated in?

1.Telengana
2.Mumbai
47 | P a g e
3.Delhi
4.Chennai
Which of this recently got RBI’s permission to enter Non Life sector of Insurance?
1.Karur Vysya Bank
2.Indusind Bank
3.Kotak Mahindra Bank
4.ICICI Bank
Aditya Birla group announced their decision to foray into:

1.Personal accident Insurance
2.Life insurance
3.Marine insurance
4.Health Insurance
IIB stands for:

1.International Insurance Board 2.Intellectual
Insurance Board
3 .Insurance Information Bureau
4.NONE
India’s Agricultural Insurer is:

1. NABARD
2. GIC
3. KIshan Bima Sanstha
4. AIC
RTI facility is not completely applicable in:

ICICI Lombard General Insurance Company
Export Credit Guarantee Corporation
United India Insurance Company
None Of these
IRDA has the power to frame the regulations under of the Insurance Act. 1938.
1.Section 112A
2.Section 114A
3.Section 114B
4.None of these
Parliament passed a bill delinking its 4 General insurance subsidaries in:

1.June 2007
2.August 2005
3 July 2000
4.July 2002
According to 1st Januray 1973 reports How many insurer were amalgameted & grouped into four
General Insurance companies:
1.102
48 | P a g e
2.107
3.245
4.None of these
Tsunami Jan Bima Yojona was a special insurance plan associated with:
1.UIICL
2.LIC
3.GIC
4.NICL
NIACL was started in the year:

1. 1938
2. 1947
3. 1973
4. 1919
The Chairman of Agricultural Insurance Company of India is:

1.Mr.Millind Kharat
2.Mr. Joseph Plappallil
3.Mr.G.Srinivasan
4.Mr.K.P.Brahma
“Rest Assured with us”This tagline is associated with:

1.SBI Life Insurance
2.NIACL
3.Kotak Mahindra Life Insurance
4.UIICL
“Twins of Wood” is related to Financial system as well as to Insurance market.These are:

1. RBI & IRDA
2. RBI & IMF
3. World Bank & RBI
4. World Bank & IMF
According to 1956 index,LIC absorbed how many Provident Societies:

1. 245
2. 107
3. 154
4. 75
Institute of Insurance and Risk Management is situated in:

1. Jodhpur
2. Mumbai
3. Hyderabad
4. Chennai
49 | P a g e
IRDA’s HQ was shifted to Hyderabad (Now Telengana) in the year:

1. 1999
2. 2000
3. 2001
4. None of these
The Institution of Insurance Ombudsman was created in accordance of Government of India’s

notification dated:
th
1. 11 Nov 1998
2. 11th Nov 1999
3. 12th Sept 1947
4. 12th Sept 1973
IIS is related to Insurance,What is IIS?

1.International Insurance Support
2.International Insurance Service
3.International Insurance Summit
4.International Insurance Society
The Geneva Association identifies fundamental trends and strategic issues where insurance plays
a substantial role or which influence the insurance sector,Who was the Secretary General of
Geneva Association during 2012-2014:
1.Prof. Orio Giarini,
2.Mr Patrick M. Liedtke,
3.Mr John H. Fitzpatrick
4.Dr Garen.D.Patrick
Which of these is related to Prime Minister Jan Dhan Yojona(PMJDY):

1. HDFC LIFE
2. IFFCO Tokiyo
3. HDFC Ergo.
4. Tata AIG
Where is the HQ of International Association of Insurance Supervisors?

1.New York.
2.London 3.Hyderabad
4.Basel
What does GIMAR stands for?

1.General Insurance Market Report
2.Global Insurance Market Report
3.Growing Insurance Market Report
4.None
National Insurance Academy is situated in:

1.Delhi.
2.Pune.
3.Salem
4.Telengana
50 | P a g e
IRDA's previous Headquater was in:

1.Delhi.
2.Mumbai.
3.Chennai
4.Kolkata
Which company celebrated its platinum Jubliee in 2012:

1.UIICL
2.NICL
3.GIC
4.LIC
Hindusthan Insurance Society was founded by:
1.Rabindranath Tagore.
2.Surrendranath Tagore
3.Debendranath Tagore
4.Sharmila Tagore
LIC started its journey in 1956.Which of the Financial Institution also started its journey in the same
year:
1.International Financial Corporation(IFC)
2.Organization for Economic Cooperation & Development(OECD)
3.World Trade Organization.(WTO)
4.None
GIBNA was passed in the year:

1.1971
2.1972
3.1973
4.1974
Which is NOT an Indian Development bank:

1. NABARD
2. EXIM BANK
3. IBRD
4. none of these
Which of these is NOT a Principle of Insurance:

1.Principle of Insurable Interest
2.Principle of Indemnity
3.Principle of Last Resource
4.None of these
According to 1956 Index,LIC absorbed how many Non-Indian Insurers:

1.15
2.16
3.75
4.76
Which is a part of Indian Insurance Repository:

1.Muthoot group
2.IIFL
51 | P a g e
3.NSDL
4.None
The establishment of Insurance Repository system in India was mainly directed by:
1.Man Mohan Singh
2.Arun Jaitley
3.P.Chidambaram
4.S.Subhramaniam
The first life insurance policies were taken out in the early 18th century. The first company
to offer life insurance was:
1.Amicable Society for a Perpetual Assurance Office
2.Society for Equitable Assurances on Lives.
3.Lloyd's Coffee House
4.None of these
Who was the founder of Oriental Life Insurance Company(1818-1834):

1.Anita Kochar
2.Anita Bhavsar .
3.Anita Kapur.
4.None
IRDA was renamed on:

th
1.29 Dec 2014
2.31st Dec 2014
3.26th Dec 2014
4.30th Dec 2014
Oldest operating General Insurance company in India:

1.NICL
2.NIACL
3.LIC
4.OICL
The Geneva Association identifies fundamental trends and strategic issues where insurance plays
a substantial role or which influence the insurance sector,Who was the Secretary General of
Geneva Association during 2012-2014:
1.Prof. Orio Giarini,
2.Mr Patrick M. Liedtke,
3.Mr John H. Fitzpatrick
4.Dr Garen.D.Patrick
IIS's last Annual seminar on Insurance held in 2014,Its Venue was:

1.Geneva.
2.Basel.
3.London
4.New York
52 | P a g e
Which General Insurance company completed its 50years in 1997:

1. GIC.
2. UIICL
3. NICL
4. OICL
In Insurance Sector,Freelook Period stand for:

1.The time you may cancel your policy be returning it to the Insurance company.
2.The time you may stop paying premium as it is overpaid before your payment.
3.The time in which you can draw back death penalty.
4.None
Insurance Repository system was launched by IRDA on:

th
1.16 Sept.2013
2.16th Oct.2013
3.16th Sept.2013
4.None
First Indian Insurer is:

1.Delhi Mutual Funds
2.IRDA
3.GIC.
4.Bombay Mutual Life Assurance Society
Which of this term is associated with Insurance sector

1. Blower
2. Racer
3. Rider
4. Serial
LIC garnered new premium of approx crore during the first three quarters of 2014-15
1.57000 CR
2.54000 CR
3.52000 CR
4.66000 CR
Recently LIC has also launched – a participating, non-linked,Savings-cum-

protection Single premium plan where in the risk cover is a multiple of single premium.
1.Jeevan Samridhi
2.Jeevan Sampad
3.Jeevan Sangram
4.Jeevan Sangam
“Registering the nomination or cancellation or change of nomination shall be regarded as important

policy holder services.”as observed by IRDA. Recently it has taken steps regarding this registration
that:
1. No charge for change of nomination
2. No charge for change of address.
3. No charge for late payment of premium.
4. No charge for reimburstment.
53 | P a g e
Insurance Bill was submitted in Rajya Sabha on:

th
1.12 March 2014
2.12th March 2015
3.13th March 2014
4.13th March 2015
Insurance Sector contributes to our country's GDP growth at approx:
1.4.5%
2.5.5%
3.5.3%
4.4.1%
According Union Budget 2015, Health Insurance limit for Senior Citizen:
1.25000
2.30000
3.35000
4.40000
According Insurance Bill. GOI expecting:

1.25000Cr
2.30000Cr.
3.35000Cr.
4.40000Cr
Which of the following is the regulator of insurance sector in India?

1. RBI
2. AMFI
3. IRDA
4. SEBI
With which of the following did the State Bank of India enter into a joint venture
agreement for undertaking general insurance business?
1. New India Assurance Ltd.
2. Insurance Australia Group
3. Lehman Brothers Holdings Inc.
4. Allianz
What does the term FSDC, used in financial sectors stand for?
1. Financial Security and Development Council
2. Financial Stability and Development Council
3. Fiscal Security and Development Convention
4. Fiscal Stability and Development Council
Which of the following terms is NOT related to the insurance sector?

1. Indemnity
2. Coverage
3. Misuse Alert
4. Annuity
54 | P a g e
A contract that pledges payment of an agreed upon amount to the person (or his/her nominee)
on the happening of an event covered against" is technically known as?
1. Death coverage
2. Life insurance
3. Savings for future
4. Provident fund
The insurance companies collect a fixed amount from its customers at a fixed interval of time.
What is it called?
1. Instalment
2. Contribution
3. Premium
4. EMI
Expand the term IFRS.

1.Indian Financial Reporting Standards
2.Indian Financial Reporting Systems
3.International Financial Reporting Standards
4.International Financial Reporting Systems
Which amongst the following is not an insurance company functioning in India?

1. ICICI prudential
2. ING Vysya
3. National Securities Depository Limited
4. New India Assurance company
Which of the following public sector companies/organizations provides insurance cover to

exporters?
1. ECGC
2. NABARD
3. SIDBI
4. IRDA
The main feature of the National Agricultural Insurance Scheme is to insure which of the
following?
1. Life of the farmer
2. Crop of the farmer
3. Animals who are used in agricultural activities
4. Land of the farmer
Anmol Jeevan is a of the LIC.

1. Basic Life Insurance Plan
2. Term Insurance Plan
3. Children’s Plan
4. Pension Plan
55 | P a g e
Which insurance company recently declared to invest 1.5 lakh crore rupees for various railway
projects in next five years?
1. NICL
2. NIACL
3. LIC
4. HDFC
56 | P a g e

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Insurance Awareness

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Insurance Booster Capsule

History of Insurance in India

Insurance since Ancient times

Modern Day Insurance

Life Insurance Companies Act, 1912

Birth of Life Insurance Corporation of India

History of General (non-life) Insurance

Insurance – a thriving sector

Let us consider the salient feature of each of these types.

Traditional insurance plans :

Unit Linked Insurance Plan (ULIP):

Other types of Insurance :

Utmost Good Faith :

Principle of loss Minimization :

Principle of ‘CAUSA PROXIMA’ :

Insurance Plans - An Overview

Whole Life Insurance

Group Life Insurance

Micro Insurance Plan

Joint Life Insurance Plan

Single Life Insurance Plan

Term Insurance Plan

Convertible Insurance Plan

Pure Endowment Plan

Third Party Administrators :

Insurable and Uninsurable Risks :

Valid claim & Fradulent claim :

Policy not in force :

Void & Voidable contract:

Actual Cash Value

BCAR – Best’s Capital Adequacy Relativity (BCAR) :

Initial Public Offering (IPO):

Composite insurance companies:

Types of Frauds in Insurance Sector :

Advantages of Increase in FDI in Insurance :

List of Insurance Companies in India

General Insurance Companies

Insurance Companies Taglines with their Heads

Apollo Munich Health Insurance Gurgaon Prathap C. Reddy We Know Healthcare,

Aviva India Life Insurance Gurgaon TR Ramachandran Kal Par Control

Bajaj Allianz Life Insurance Pune Tarun Chugh Jiyo Befiqar

National Insurance Company Kolkata K. Sanath Kumar Thoda Simple Soche

National Insurance Academy:

Insurance Institute of India:

ACT Agents Council For Technology.

ALTA American Land Title Association.

BAPCPA Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005.

CBRA Coastal Barrier Resources Act Of 1982.

CMP Commercial Multiple Peril; Controlled Master Program.

CSO Commissioners Standard Ordinary Table.

ERP Extended Reporting Period.

FICA Federal Insurance Contribution Act Of 1935.

GNEPI Gross/Net Earned Premium Income.

IDMA Insurance Data Management Association.

IRR Internal Rate Of Return.

LUTC Life Underwriter Training Council,

MSVR Mandatory Securities Valuation Reserve.

NEPA National Environmental Policy Act Of 1969.

PML Probable Maximum Loss.

REL Recommended Exposure Limit.