Hi Readers,
General Awareness is one of the important sections in any competitive examination. Be it SSC, IBPS, SBI, LIC, NIACL,RBI or any other exam, General Awareness section holds a good weightage in the exam. If practice religiously, it can help you in scoring really well in the exam. As you know that LIC has every year release its official notification for the posts of LIC AAO, IT, Legal and other posts. It is essential for you to be well versed with the insurance-related schemes, its history, and important terms, etc. I am going to cover all of these in my upcoming articles. In today’s article, I have come up with one of the most important topics of Insurance awareness i.e. Insurance Abbreviations.
Questions from the “Insurance Abbreviations” topic are frequently asked in the exam, so, it very important for you to mug up these Abbreviations for insurance terms as soon as you can and keep revising it until you get a firm grip in this topic. You can expect at least one to two questions from this topic in the exam. Following is the list of Important “Abbreviations for insurance terms”
Note: This topic will be useful for other insurance exams like UIC, NIACL, NICL etc. as well
List of Insurance Abbreviations for Exams Preparation
| Term | Insurance Abbreviations Full forms |
|---|---|
| ACV | Actual Cash Value |
| ADB | Accidental Death Benefit |
| AD&D | Accidental Death and Dismemberment |
| ALOP | Advance Loss of Profit |
| AP | Additional Premium |
| BPF | Basic Premium Factor |
| CAC | Combined Additional Coverage |
| CARG | Compounded Annual Growth Rate |
| CAPM | Capital Asset Pricing Model |
| CDS | Credit Default Swap |
| CGL | Commercial General Liability |
| CPL | Comprehensive Personal Liability |
| DAC | Deferred Acquisition Cost |
| DAB | Double Accident Benefit |
| EAP | Estimated Annual Premium |
| ECI | Export Credit Insurance |
| EP | Earned Premium |
| EPLI | Employment Practices Liability Insurance |
| FRV | Fair Rental Value |
| FUP | First Unpaid Premium |
| GAP | Guaranteed Auto Protection |
| GDP | Gross Domestic Product |
| GDPI | Gross Direct Premium Income |
| GWP | Gross Written Premium |
| IBNR | Incurred But Not Reported |
| IGCC | IRDA Grievance Call Centre |
| IGMS | Integrated Grievance Management System |
| III | Insurance Institute of India |
| LAE | Loss Adjustment Expense |
| MLE | Maximum Loss Expectancy |
| MPCI | Multi-Peril Crop Insurance |
| NLG | No Lapse Guarantees |
| NPV | Net Present Value |
| NSP | Net Single Premium |
| NVD | No Value Declared |
| OCA | Outstanding Claims Account |
| ORM | Operational Risk Management |
| PIA | Primary Insurance Account |
| PML | Probable Maximum Loss |
| PWB | Premium Waiver Benefit |
| RAM | Reverse Annuity Mortgage |
| RBC | Risk Based Capital |
| ROE | Return on Equity |
| ROI | Return on Investment |
| RP | Return Premium |
| TDA | Tax Deferred Annuity |
| TDB | Temporary Disability Benefits |
| TPA | Third Party Administrator |
| UP | Unearned Premium |
| UNL | Ultimate Net Loss |
| YTM | Yield to Maturity |
This was the important list of Insurance related abbreviations. Other topics related to insurance will soon be covered in my upcoming articles. Next up will the Insurance Schemes launched by Government of India.
Other than this, you will also need something that can test your preparation level and what’s best than attempting the mock tests. Mock tests will not only analyze your preparation level but also helps in improving your score. If you wondering about how much a mock test series could cost you. We have got you covered. We are providing free mock test for LIC AAO 2024. You can also attempt free full length mock tests related to Banking, SSC, Teaching and Defence etc.
You can also take a look at our Comprehnseive Online course of LIC AAO 2020 exam.
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