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Insurance Glossary

ACORD 25 Form

Industry

Definition

An industry standard form used to create a certificate of insurance (COI). This form provides proof of insurance coverage and is commonly required by clients, contractors, or landlords.

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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.
Endorsement
A written amendment or addition to an insurance policy that modifies the coverage, terms, or conditions.
Policy
The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.
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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