ACORD 27

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.

The person or entity entitled to payment when an insurance claim is settled, which may be the policyholder or another party with a financial interest in the insured property.

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.