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Actuarial and IT Recruitment

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Health Insurance

ADLs

Activities of Daily Living

AIFA

The Association of Independent Financial Advisers

CPME

Continued Personal Medical Exclusions

GP

General Practitioner

HES

Hospital Episode Statistics

HMO

Health Maintenance Organisation

ICD

International Classification of Diseases

IFA

Independent Financial Adviser

IPT

Insurance Premium Tax

IP

Income Protection

MHD

Medical History Disregarded

MME

Major Medical Expenses

MSGP

Morbidity Statistics from General Practice

NHS

National Health Service

NWT

No Worse Terms

ONS

Office for National Statistics

PEC

Pre-existing conditions

PHI

Permanent Health Insurance

PMAR

Private medical attendant’s report

PMI

Private Medical Insurance

PPO

Preferred Provider Organisation

WHO

World Health Organisation

Life Insurance

APM

Achieved Profits Method

BCRR

Base Capital Resources Requirement

CRR

Capital Resources Requirement

DAC

Deferred acquisition costs

ECR

Enhanced Capital Requirement

GENPRU

General Prudential sourcebook

IFA

Independent financial adviser

ICA

Individual Capital Assessment

LTICR

Long Term Insurance Capital Requirement

MCR

Minimum Capital Requirement

INSPRU

Prudential sourcebook for Insurers

RCR

Resilience capital requirement

RCM

Risk Capital Margin

TCF

Treating customers fairly

WPICC

With Profits Insurance Capital Requirement

General Insurance

ABI

Association of British Insurers

ALAE

Allocated loss adjustment expenses

AP

Adjustment premium

AURR

Additional unexpired risk reserve

CEIOPS

Committee of European Insurance and Occupational Pensions Supervisors

DAC

Deferred acquisition costs

ECR

Enhanced capital requirement

EML

Estimated (or expected) maximum loss

FSA

Financial Services Authority

FSCS

Financial services compensation scheme

FSMA

The Financial Services and Markets Act

GCR

Group Capital Resources

GWPI

Gross written premium income

GEPI

Gross earned premium income

IBNR

Incurred but not reported

IBNER

Incurred but not enough reported

ICA

Individual capital assessment

ICAS

Individual capital adequacy standard

ICG

Individual capital guidance

IID

International Insurers Division

ILU

Institute of London Underwriters

LDF

Loss development factor

LMX

London Market excess of loss

LOD

Losses occurring during

MGF

Minimum guarantee fund

MIB

Motor Insurers Bureau

NAIC

National Association of Insurance Commissioners

NCD

No-claim discount

OCR

Outstanding claims reserve

OGEP

Original gross earned premium

OGPI

Original gross premium income

OGWP

Original gross written premium

P&I

Protection & Indemnity

PML

Probable (possible) maximum loss

RBC

Risk-based capital

RITC

Reinsurance to close

RMM

Required minimum margin

RMS

Required margin of solvency

SAO

Statement of actuarial opinion

ULAE

Unallocated loss adjustment expenses

UPR

Unearned premium reserve

URR

Unexpired risk reserve

XL

Excess of loss

XoL

Excess of loss

Pensions

AVCs

Additional voluntary contributions

AA

Annual Allowance

AAM

Attained Age Method

BSP

Basic State Pension

CPA

Compulsory purchase annuity

GPP

Group Personal Pension

GMP

Guaranteed minimum pension

IDRP

Internal Dispute Resolution Procedure

LTA

Lifetime Allowance

LPI

Limited Price Indexation

LEL

Lower Earnings Limit

MFR

Minimum Funding Requirement

PPF

Pensions Protection Fund

PUM

Projected Unit Method

SSAS

Small self-administered scheme

SERP

State Earnings Related Pension Scheme

SFP

Statement of Funding Principles

SIP

Statement of Investment Principles

SFO

Statutory Funding Objective

UEL

Upper Earnings Limit

Finance