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Insurance Glossary

ACORD

Industry

Definition

Association for Cooperative Operations Research and Development - an organization that develops standardized forms and data standards for the insurance industry, widely used for certificates of insurance and policy applications.

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Related Terms

Certificate of Insurance
A document issued by an insurer or agent that verifies the existence of insurance coverage and summarizes key policy information for third parties.
ISO
Insurance Services Office - an organization that develops standardized insurance policy forms, rating information, and risk data used by property-casualty insurers across the United States.
Actuary
A business professional who analyzes probabilities of risk and risk management, including calculation of premiums, dividends, and other applicable insurance industry standards.
Underwriting
The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.
Loss Ratio
The ratio of losses paid plus loss reserves to premiums earned, used by insurers to measure underwriting profitability and pricing adequacy.
Combined Ratio
The sum of the loss ratio and expense ratio, measuring an insurer's overall underwriting profitability. A ratio below 100% indicates underwriting profit.
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