ACORD 25

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.

A document issued by an insurer or agent that verifies the existence of insurance coverage and summarizes key policy information for third parties.

A person or entity who has a certificate of insurance (COI) in their possession, which could be the policyholder or someone who requested proof of insurance. Being a certificate holder does not necessarily mean coverage under the policy.

A person or entity added to an insurance policy who receives coverage under that policy, commonly required in contracts and leases.

A business professional who analyzes probabilities of risk and risk management, including calculation of premiums, dividends, and other applicable insurance industry standards.

The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.

The ratio of losses paid plus loss reserves to premiums earned, used by insurers to measure underwriting profitability and pricing adequacy.

The sum of the loss ratio and expense ratio, measuring an insurer's overall underwriting profitability. A ratio below 100% indicates underwriting profit.