Insurance Industry Acronym Cheat Sheet

 

The insurance industry is large and complex, with many moving parts. As might be expected, such a large industry has many different types of jobs. For the layman, and even those in the industry itself, the job titles of many insurance positions can be a confusing thicket of acronyms. So, for those who lack familiarity with the many branches of the insurance business – or even those who don’t -- here is a little list of some of the various jobs people do in insurance and their abbreviations.

 

AAI – Accredited Advisor in Insurance

Insurance producers who complete a training course and pass three national examinations can earn this advanced professional credential. A person with this designation has a higher level of knowledge and expertise than an insurance producer or agent. AAIs often work with more complicated types of coverage.

 

AIAF – Associate in Insurance Accounting and Finance

A person earns this professional designation after completing the Associate in Insurance Accounting and Finance program, which qualifies him or her to prepare financial statements for insurers. The program covers areas such as insurance information systems, and accounting and regulations for property and liability insurers.

 

AIC – Associate in Claims

This is a professional designation for insurance professionals who have undergone advanced training to enable them to handle different types of claims.

 

AIM – Associate in Management

This is a professional designation for managers who have undergone advanced training in management.

 

ARM – Associate in Risk Management

This is a professional designation awarded to those who have completed training developed by the Insurance Institute of America covering the science of risk management, which includes how to avoid, reduce and manage risk.

 

AU – Associate in Commercial Underwriting

This is a professional designation given to a person who is qualified to evaluate risk for insurance companies. AUs assess the potential for risk, and make modifications to a policy, accept or reject it based on their assessment.

 

CLU – Chartered Life Underwriter

This is a professional designation given to a person who has completed advanced training in life insurance and estate planning.

 

CPCU –Chartered Property Casualty Underwriter

This is a professional credential awarded to someone who has completed advanced training in risk management and property-casualty insurance.

 

PLCS – Personal Lines Coverage Specialist 

This is a professional designation for someone who specializes in property and casualty insurance, which protects people from losses that they could not pay for by themselves.

 

REBC – Registered Employee Benefits Consultant

This is a professional credential for someone trained to work with pensions and retirement plan funding, installation and administration. An REBC will handle things like group medical plans, long-term care, executive compensation, and personnel management.

 

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