Essential Full Form in Insurance: A Quick Guide
0
0
Full Form in Insurance: In the insurance sector, acronyms are frequently used to streamline communication and documentation. However, these abbreviations can be perplexing due to their various meanings across different contexts. To assist you in understanding these terms, we have put together a detailed list of acronyms and their full forms in insurance, specifically within the Indian insurance landscape. This guide aims to clarify these commonly used abbreviations and their meanings, making it easier for you to navigate the industry.
| Short Name | Full Form / Meaning |
| PPT | Premium Paying Term |
| POSP | Point of Sales Person |
| TPA | Third Party Administrator |
| NCB | No Claim Bonus |
| ULIP | Unit Linked Insurance Plan |
| GWP | Gross Written Premium |
| IDV | Insured Declared Value |
| CPA | Compulsory Personal Accident |
| GMC | Group Medical Coverage |
| IRDA | Insurance Regulatory and Development Authority |
| IRDAI | Insurance Regulatory and Development Authority of India |
| IGMS | Integrated Grievance Management System aka Bima Bharosa System |
| GPA | Group Personal Accident |
| MDRT | Million Dollar Round Table |
| OD | Own Damage |
| PTD | Permanent Total Disability |
| STFI | Storm, Tempest, Flood and Inundation |
| WRP | Weighted Received Premium |
| AML | Anti-Money Laundering |
| GIC | General Insurance Corporation of India |
| COT | Court of the Table |
| IIB | Insurance Information Bureau of India |
| ECS | Electronic Clearing Service |
| NOP | Net Operating Profit |
| TP | Third-party insurance |
| MWP | Married Women’s Property Act |
| PPN | Preferred Provider Network |
| WPC | With Profits Committee |
| FPR | First Premium Receipt |
| BWRP | Body Weight Reduction Program |
| EIA | e-Insurance Account |
| GTL | Group Term Life |
| PYP | Previous Year’s Policy |
| HLV | Human Life Value |
| FLS | Front Line Sales |
| WFYP | Weighted First Year Premium |
| APE | Annual Premium Equivalent |
| PIVC | Pre-Issuance Verification Call |
| IMF | Insurance Marketing Firm |
| IRR | Internal Rate of Return |
| PPD | Permanent Total Disability |
| PED | Pre-existing Diseases |
| COI | Certificate of Insurance |
| FTR | Financial Transaction Request |
| GCV | Goods Carrying Vehicles |
| DOGH | Declaration of Good Health |
| FTD | First to Die |
| PA | Personal Accident Insurance |
| RSA | Roadside Assistance |
| IBNR | Incurred But Not Reported |
| RTI | Return to Invoice |
| RSMD | Riot, Strike, and Malicious Damage |
| ICR | Incurred Claim Ratio |
| TOT | Top of the Table |
| PASA | Pre Pre-Approved Sum Assured Insurance Plan |
| CTL | Constructive Total Loss |
| IC | Insurance Company |
| OPD | Outpatient Department |
| BOP | Business Owner’s Policy |
| ARDM | Associate Recruitment and Development Manager |
| TAT | Turnaround Time |
| POS | Point of Service |
| ROP | Return of Premium |
| IMT | India Motor Tariff |
| CGL | Commercial General Liability |
| PCCV | Passengers Carrying Commercial Vehicles |
| EPI | Estimated Premium Income |
| STP | Straight Through Processing |
| EP | Earned Premium |
| GCCV | Goods Carrying Commercial Vehicles |
| IDB | Inter-Dealer Brokers |
| PUC | Pollution Under Control Certificate |
| PCV | Passenger Carrying Vehicle Insurance |
| PCVC | Professional Comprehensive Valuation Certificate |
| SHP | Supplemental Health Plan |
| SI | Sum Insured |
| SME | Small- and Medium-Sized Enterprise Insurance |
| SP | Single Premium |
| URN | Unique Reference Number |
| TBA | To Be Announced |
| AAA | Analytical and Actuarial Associates |
| TAC | Tariff Advisory Committee |
| FSP | Financial Stability Plan |
| GRO | Grievance Redressal Officer |
| DSF | Direct Sales Force |
| MBD | Machinery Breakdown Insurance |
| TPD | Total and Permanent Disability |
| TTD | Temporary Total Disability |
| WC | Workmen’s Compensation |
| MIB | Medical Information Bureau |
| DAB | Double Accident Benefit |
| OEM | Original Equipment Manufacturer Insurance |
| BI | Bodily Injury |
Full Form in Insurance: In the insurance sector, acronyms are frequently used to streamline communication and documentation. However, these abbreviations can be perplexing due to their various meanings across different contexts. To assist you in understanding these terms, we have put together a detailed list of acronyms and their full forms in insurance, specifically within…