If you work in insurance, you know the industry has its own language. Baffling to outsiders, this “alphabet soup” can even throw the most experienced insurance professionals for a loop at times.
While there’s a ton of terminology of all types, this piece will focus on the acronyms commonly used in the world of Personal Lines.
Common Personal Lines Acronyms
What is CIAB?
The Council of Insurance Agents and Brokers or CIAB is a trade association representing the world’s top 200 insurance agencies and brokerages. CIAB is based in Washington, D.C. and lobbies for issues concerning the insurance industry.
What is CIPR?
The Center for Insurance Policy and Research or CIPR conducts studies, provides data, and educates people on issues that are relevant to the insurance industry. CIPR is a part of the National Association of Insurance Commissioners (NAIC).
What is CPE?
Continuing professional education or CE is a requirement to keep an active insurance license. Also known as CE credits, these units of education are earned by taking eligible courses throughout the year.
What is the DOI?
The department of insurance or division of insurance, also known as DOI is the government entity that regulates the activities of the insurance industry within the state or territory.
Each state in the U.S., along with each U.S. territory, has its own department of insurance or division of insurance.
What is FEMA?
The Federal Emergency Management Agency or FEMA is a part of the U.S. government that is responsible for helping prevent, mitigate, and rebuild from natural disasters. FEMA administers the National Flood Insurance Program (NFIP), rather than a private insurance company.
What is IIABA?
Independent Insurance Agents & Brokers of America or IIABA, also known simply as “Big I”, is an association representing the independent agency channel in the United States. The organization provides services, education, and government advocacy for the industry – specifically for independent insurance agents and brokers.
What is NFIP?
The National Flood Insurance Program or NFIP is a government-run insurance program that provides flood insurance to individuals. Flood insurance is not available from private insurance carriers but is instead administered by the government and backed by the Federal Emergency Management Agency (FEMA). NFIP partners with other insurance companies to help deliver this product to American consumers.
What is an NPN?
A national producer number or NPN is a unique identifier assigned to each producer, and most business entities (agencies and brokerages). You will need to apply for an NPN when first becoming licensed, and will need to know your NPN when renewing your license.
What is NRL?
Nonresident licensing or NRL is the type of insurance license given to producers who do not reside in a state, but who still sell products within it. In order to obtain an NRL, you must first have a valid producer license in your state of residence.
What is P&C?
Property and casualty insurance or P&C is the type of insurance that protects individuals and businesses from losses associated with property, while also covering liability for damage to others. For example, property insurance would repair your car if it was damaged in an accident, while casualty insurance would pay for the repair of someone else’s car if you were legally responsible for the accident. Generally, property and casualty insurances are bundled together in a single policy, such as an auto policy.
These acronyms are, of course, only one area of pedantry in the insurance industry that can make it seem daunting to newcomers. If you want to shorten that learning cycle for your compliance or operations teams, see what AgentSync can do for you.