A benefit in addition to the face amount of a life insurance policy, … Buying a car can be a lot less frustrating if you know how to choose the policy you need. The automotive industry is rich in linguistic shortcuts, acronyms that relate to features and specifications of its cars. Protection and benefits provided in an insurance contract. Our site is the leading resource online for car acronyms. An in-depth article lists financial abbreviations for investment and banking decisions. Fire & E.C. Whether you’re scanning your last medical bill or filing an automobile insurance claim, it’s good to know what all those terms mean. California car insurance; Florida car insurance; Texas car insurance; Georgia car insurance; Ohio car insurance; Washington car insurance Available from: https://www.allacronyms.com/insurance/abbreviations… You might find the following abbreviations in a health insurance statement or medical bill. Car insurance policies will have an insuring agreement for each coverage type: liability, uninsured/underinsured, medical/PIP and collision and comprehensive. EBIDDA – earnings before interest, dividends, depreciation, and amortization. If there any that you have come across that you don’t see here, please let us know and we’d be happy to define them for you. Here are some examples of abbreviations for professions that you might see in an insurance document. Published May 11, 2021. You can also read through examples of financial liabilities if you’re ready to get your fiscal life under control. If you're hit by a driver who lacks car insurance or has insufficient insurance, your coverage for uninsured/underinsured motorist bodily injury (or UMBI/UIMBI) pays for treatment of … Read this list of abbreviations to learn terms relevant to adding coverage to an automobile insurance policy. One of the more limited fire insurance policies, commonly providing coverage for loss or damage caused by fire or lightning, explosion, smoke, falling objects, impact by aircraft, spacecraft or land vehicle, riot, water damage, windstorm or hail, and vandalism or malicious acts. National Insurance Crime Bureau October 12, 2015 1 NICB Insurance Acronym, Organization and Term List The following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation. If the words are life capsules for information, then acronyms are the shortcuts. ITV – Insured to Value In order for GRC (Guaranteed Replacement Cost) to apply, an insured’s home must be insured to 100% of the Replacement Cost as calculated by an approved valuation guide. How do you get a COI? Peril The event that caused the loss or damage (i.e. You’ve filed your claim and the car insurance companies are handling it. Accessed May 11, 2021. Coll – Collision The Insurer agrees to indemnify the insured against direct and accidental loss or damage to the automobile, including its equipment from Collision with another object or by upset. What’s the best type of insurance plan for you? Six common car insurance coverage options are: auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury … AP – All Perils The Insurer agrees to indemnify the insured against direct and accidental loss or damage to the automobile, including its equipment from all perils. EP – earned premium. Please note that our physical office location is closed during the COVID-19 pandemic. Thank you. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Value of dwelling is not less than 100% of the cost to replace, as determined by an approved valuation guide, Principal dwelling amount is not reduced below that determined by the valuation guide, Notification is made within 90 days of the start of any work, improvement, extension or addition to the dwelling which would increase the Replacement Cost by $10,000 or more, SPF #1 provides coverage for owners of vehicles, SPF #2 provides coverage for drivers who are driving vehicles they do not own, SPF #4 is a Standard Garage Automobile Policy and provides coverage for garages in respect of owned, non-owned, and customer’s vehicles, SPF #6 is a Standard Non-Owned Automobile Policy Coverage and applies to a business entity when the business and its owners could be held legally liable for damages caused by a vehicle that they do not own. The various types of car insurance coverage are available to help protect you, your passengers and your vehicle if you're involved in a car accident. It must be “Insured to Value”. Driving on the open road can be liberating – but make sure you’re properly insured before you get going! As always, please do not hesitate to contact our Office if you have any questions regarding the above information or if we can assist you in any way! A vehicle that has been altered or has equipment or accessories not typically found in a personal vehicle. Insurance, All Acronyms, viewed May 11, 2021, MLA All Acronyms. Buying a car can be a lot less frustrating if you know how to choose the policy you need. Declarations Insurance [Internet]; May 11, 2021 [cited 2021 May 11]. Personal Injury Protection. ACV – Actual Cash Value The fair market value of property taking into account factors that might augment or reduce the value of the property in question (i.e. The ESP is the electronic stability program. 11 May 2021. Some examples of facilities that may appear as insurance abbreviations include: The most confusing parts of an insurance statement concern whether a patient can receive services (authorization) and how the patient will pay for those services (finances). Yes, we know everything about cars. RC – Replacement Cost Repairs or replacement will be made with material of like kind and quality without cost to the insured for depreciation or betterment. Comprehensive The most comprehensive (hence its name) fire insurance policies, providing All Risk coverage on the dwelling, detached structures, and on the personal property. NP – Named Perils A policy in which the perils insured against are listed, as opposed to one which insures against “All Risk”. Here’s a list of terms that you may see after an accident that detail medical treatment, benefits, and judgments of fault. Car insurance coverages abbreviations. PAC – Pre-Authorized Chequing An authorization by the insured to allow the Insurance Company to automatically withdrawal their insurance payments from their chequing account. Health insurance documents often include the healthcare professional who treated you or handled your case. Is the ACA a viable option for you and your family? Some of the most common SPF’s are: Ded – Deductible An agreed specified sum to be deducted from the amount of the loss and assumed by the insured. Damages. The most common auto insurance policy sold today. Health insurance companies can no longer refuse coverage based on pre-existing conditions. It is not meant to be all inclusive or provide legally binding definitions. EPA – Environmental Protection Agency. SPF – Standard Policy Form Form under which Automobile Insurance policies are written. D. Damage. "Insurance". EPL – employment practices liability Now what? You can still reach our Team via phone, email (admin@costeninsurance.com), live chat, and you can also access your insurance through our app and portal here. Now that you’ve got insurance abbreviations under control, see if you can master more personal finance terms. Loan/lease payoff coverage, sometimes called "gap" coverage, pays the difference between what you owe on your vehicle and what your insurance pays if your vehicle is declared a total loss or stolen and not recovered, minus your comprehensive or collision deductible. Here's your guide to the car insurance acronyms in the chart below that lists the minimum car insurance coverages in each state. E. EAP – estimated annual premium. This page is a quick lookup and reference guide for all those acronyms and abbreviations that you’ll find around the car industry. Posted by: Venus Zoleta | Car Insurance BLOWBAGETS stands for battery, lights, oil, water, brake, air, gas, engine, tire, and self. Comp – Comprehensive The Insurer agrees to indemnify the insured against direct and accidental loss or damage to the automobile, including its equipment from any peril other than by collision with another object or by upset. Depreciation Reduction in value of property through use, age, deterioration, and obsolescence. So here's our guide to help you with the jargon. Insurance companies use these scores to make underwriting decisions and to partially determine premiums. Association of British Insurers (ABI) Many insurance companies are members of the ABI, but membership is not compulsory and the ABI is not a regulatory body. https://www.allacronyms.com/insurance/abbreviations/car. SPF #4 is a Standard Garage Automobile Policy and provides coverage for garages in respect of owned, non-owned, and customer’s vehicles; SPF #6 is a Standard Non-Owned Automobile Policy Coverage and applies to a business entity when the business and its owners could be held legally liable for damages caused by a vehicle that they do not own Perhaps you've familiarized yourself with prescription abbreviations, but what’s a DO? CSE All Acronyms. The scores are currently being used by only some Insurance Companies, and typically with respect to personal property and personal automobile policies. These can be used in specifications, sales brochures, warning lights – anywhere. AIAF Associate in Insurance Accounting and Finance (AIAF designation) AIB Automobile Insurers Bureau of Massachusetts AIC Associate in Claims (AIC designation) AICP Association of Insurance Compliance Professionals AICPA American Institute of Certified Public Accountants AICPCU American Institute for CPCU Accidental Death Benefit. Navigating the insurance industry can be complicated enough without having to learn new acronyms and abbreviations. Accredited Advisor in Insurance: Rate it: AAIC: American Alternative Insurance Corporation: Rate it: AAIC: American Agricultural Insurance Company: Rate it: AAIC: American Automobile … It’s a serious reminder about checking your car to prevent an accident or breakdown (We have the PNP-Highway Patrol Group to thank for this handy mnemonic). Be your own advocate by knowing the necessary abbreviations used in health insurance documents. B.Y.O.B. This is an acronym for Vehicle Identification Number, a number unique for every single vehicle produced. Insurance [Internet]; May 11, 2021 [cited 2021 May 11]. DOD – date of death. Broad Provides All Risk coverage on the dwelling and detached structures, but Named Perils coverage on the personal property. Loss or harm to a person or property. Hopefully you have found this information helpful. Stay updated on the many abbreviations that deal with how much insurance you have with these terms that are specific to insurance plans. 11 May 2021. However, some conditions require more care and insurance involvement than others. Insurance. GRC – Guaranteed Replacement Cost Cost of repairs or replacement will be made to the dwelling, on the same site, even if they are more than the principal dwelling Replacement Cost amount shown on your policy Coverage Summary page, provided: SEF – Standard Endorsement Form Can be added to an Automobile Insurance policy and serve the purpose of either adding or removing coverage from the policy. New Hampshire does not mandate car insurance in its laws, but instead requires you provide financial responsibility if you cause an accident. Personal Auto Policy. Web. If you’re in a car accident or your vehicle is stolen, the last thing you want to do is decipher an alphabet soup of abbreviations in your claim. It serves to not only identify a specific vehicle but also contains coded information relative to such things as the vehicle's country of origin, manufacturing plant, trim code, drive train, and interior and exterior color just to name a few. Often referred to as "PAP," this policy is written in simple wording and provides coverage for liability, medical payments, uninsured/underinsured motorist coverage, and physical damage protection. depreciation). Insurance. 11 May 2021. DIC – Difference-In-Conditions (Insurance) DIL – Difference-In-Limits (Clause) D&O – Directors And Officers (Liability Insurance) DSU – Delay In Start-Up Insurance; DOB – Date Of Birth; DOC – Drive Other Car Coverage; DOD – Date Of Death; EAP – … Insurance Company of East Africa: Rate it: ICI: Insurance Center Inc: Rate it: ICI: Income Continuation Insurance: Rate it: ICIB: Irvine Commercial Insurance Brokers: Rate it: ICIC: Israeli Credit Insurance Company: Rate it: ICICI: Industrial Credit And Insurance Corporation Of India: Rate it: ICIR: International Center for Insurance Regulation: Rate it: ICISA “Another object” is deemed to include a) a vehicle to which the automobile is attached b) the surface of the ground and any object therein or thereon. Take a look at this list to see abbreviations that may pop up on your next hospital bill. Thank you, The Costen & Associates Team, Phone: 403-245-2424 800-811-5044 Fax: 403-237-5599 800-811-5109, Hours of operation: Mon – Fri: 8:30AM – 5:00PM MST. Copyright © 2020 LoveToKnow. EH&S – environmental health and safety. If you need to use your health insurance policy, chances are that you’re in a difficult situation. CSE All Acronyms. https://www.allacronyms.com/insurance/abbreviations/auto. Web. This type of coverage is common for rented dwellings and some seasonal properties. Read this list of abbreviations to learn terms relevant to adding coverage to an automobile insurance policy. Customized Vehicle. All Rights Reserved, Insurance Abbreviations and Acronyms Made Easy, CLAS - Culturally and Linguistically Appropriate Services, ECHO - Emergency Care and Hospital Operations, ELPS - English Language Proficiency Survey, EOC - Evidence of Coverage or Effectiveness of Care, HISP - Health Information Service Provider, I-STOP - Internet System for Tracking Over-Prescribing, MOLST - Medical Orders for Life-Sustaining Treatment, PERS - Personal Emergency Response System, SBC - Uniform Summary of Benefits and Coverage, BPCI - Bundled Payments for Care Improvement, HRET - Health Research & Educational Trust, MAC - Maximum Allowable Cost/Maximum Annual Copayment, MEIPASS - Medicaid EHR Incentive Payment Administrative Support Service, MIPS - Merit-based Incentive Payment System, Medigap - Medicare Supplemental Insurance, OPAP - Outpatient Pretreatment Authorization Plan, HEDIS®: Health Plan Employer Data and Information Set, Non-par - Not participating (out-of-network), CPHQ - Certified Professional in Healthcare Quality, CRNA - Certified Registered Nurse Anesthetist, CRNP - Certified Registered Nurse Practitioner, AAHPM - American Academy of Hospice and Palliative Medicine, AAHSA - American Association of Homes and Services for the Aging, ACIP - Advisory Committee on Immunization Practices, ACOG - American Congress of Obstetricians and Gynecologists, AHRQ - Agency for Healthcare Research and Quality, AMIA - American Medical Informatics Association, ARRC - Administrative Regulations Review Commission, ASPE - Office of the Assistant Secretary for Planning and Evaluation, HHS, BCBSA - Blue Cross and Blue Shield Association, CDC - Centers for Disease Control and Prevention, CHIP - Children's Health Insurance Program, CMS - Centers for Medicare and Medicaid Services (previously HCFA), CPHP - Center for Public Health Preparedness, DHMH - Department of Health and Mental Hygiene, DHMO - Dental Health Maintenance Organization, DMAS - Department of Medical Assistance Services, FEMA - Federal Emergency Management Agency, HCACC - Health Care Access and Cost Commission, HCFA - Health Care Finance Administration, HHS - U.S. Department of Health and Human Services, HIAA - Health Insurance Association of America, HSCRC - Health Services Cost Review Commission, IPA - Independent or Individual Practice Association, ISO - International Organization for Standardization, JCAHO - Joint Commission on Accreditation of Healthcare Organizations, LHCSA - Licensed Home Care Services Agency, NAIC - National Association of Insurance Commissioners, NASCO - National Account Service Corporation, NCCN - National Comprehensive Cancer Network, NCQA - National Committee for Quality Assurance, NCVHS - National Committee on Vital and Health Statistics, NCHS - National Center for Health Statistics, NHPC - National Health Plan Collaborative, NIMH - National Institute of Mental Health, ONC - Office of the National Coordinator for Health Information Technology, HHS, ADA - Americans with Disabilities Act of 1990, ARRA - American Recovery and Reinvestment Act of 2009, CHAMPUS - Civilian Hospital and Medical Program of the Uniformed Service (Tricare), COBRA - Consolidated Omnibus Budget Reconciliation Act of 1986, CPEP - Comprehensive Psychiatric Emergency Program, EISEP - Expanded In-Home Services for the Elderly Program, EMTALA - Emergency Medical Treatment and Labor Act, EPIC - Elderly Pharmaceutical Insurance Coverage, ERISA - Employee Retirement Income Security Act, FAMIS - Family Access to Medical Insurance Security Plan, FEBHP - Federal Employee Benefits Health Plan, FHCDA - Family Health Care Decisions Act of 2010, FICA - Federal Insurance Contribution Act, HIPAA - Health Insurance Portability and Accountability Act of 1996, HCUP - Healthcare Cost and Utilization Project, MACRA - Medicare Access and CHIP Reauthorization Act of 2015, MHPAEA - Mental Health Parity and Addiction Equity Act, MIPPA - Medicare Improvements for Patients and Providers Act of 2008, MMA - Medicare Prescription Drug, Improvement, and Modernization Act of 2003, MMSEA - Medicare, Medicaid, and SCHIP Extension Act of 2007, MSSOP - Mandatory Second Surgical Opinion Program, OBRA - Omnibus Budget Reconciliation Act of 1986, OSHA - Occupational Safety and Health Act, PPACA - Patient Protection and Affordable Care Act, RAETT - U.S. Census Bureau's 1996 Racial and Ethnic Targeted Test, TANF - Temporary Assistance for Needy Families, TEFRA - Tax Equity and Fiscal Responsibility Act of 1982, VAPAP - Vital Access Provider Assurance Program, WIC - Women, Infants and Children (supplemental food program), AD&D - Accidental Death and Dismemberment, AIDS - Acquired Immunodeficiency Syndrome, CLABSI - Central Line-Associated Bloodstream Infection, COPD - Chronic Obstructive Pulmonary Disease, VSSOP - Voluntary Second Surgical Opinion, CISR - Certified Insurance Service Representative, CFR - Certificate of Financial Responsibility (also known as an SR-22), COLL - Collision Coverage for Insured Vehicle Damages, COMP - Comprehensive Coverage for Vehicle Theft, Vandalism, or Vehicle vs Animal, CVIN - Confidential Vehicle Identification Number, Dec or Dec Page - Declarations Page of insurance policy, FTCAC - Fire, Theft, and Combined Additional Coverage, GEICO - Government Employee Insurance Company, PIP - Personal Injury Protection or Personal Injury Policy, SPIN - Secondary Product Identification Number, SVIN - Secondary Vehicle Identification Number, UL - Umbrella Liability; Underwriters' Laboratories, UM - Uninsured or Underinsured Motorist Coverage, UMPD - Uninsured Motorist Property Damage Coverage, LTA - Lost Time Accident; Long Term Agreement, MP or Med Pay - Medical Payments Coverage, SIU - Special Investigative Unit (Investigator), ULAE - Unallocated Loss Adjustment Expenses. 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