Language of the Business - WSIA
Transcript of Language of the Business - WSIA
2017 NAPSLO E&S School
June 1 - 2, 2017
Language of the Business
Tony Chimera
Endurance
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The Purpose of This Session
• Emphasize the importance of language in everyday communication as part of professionalism.
• Identify and discuss terms with special meaning in the surplus lines industry.
• Complete an exercise to reinforce the meaning of some terms commonly used in our industry.
• Reinforce the need to understand the meaning of the various acronyms, and Do’s and Don’ts in language.
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Video interlude
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Communication Fails…
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Fail…
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Fail…
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Language
• Terms we use everyday and we think we know the meaning the other person intends.
• It’s not what the sender intends, it’s what the receiver interprets.
• What are some of the consequences if we ‘misunderstand’ what the other person is conveying?
• How do we clarify what the other person is saying?
• The higher the level of conflict, the more costly misunderstandings may be.
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More acronyms
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Surplus Lines Terms
• Admitted / Non-Admitted
• Standard / Non-Standard
• Wholesale Broker / MGA / MGU
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Surplus Lines Terms
• Lloyd’s / London Market
• Markets / ‘Blocked’ Market
• Program / Binding Authority / Brokerage
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Surplus Lines Terms
• Cat / Non-Cat
• Primary / Excess
• Layering of Coverage
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Surplus Lines Terms
• Broker / Producer / Retailer
• Quote / Binder / Order
• Double-Brokered
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Acronyms
• ac·ro·nym [ak-ruh-nim] noun
• a word formed from the initial letters or groups of letters of words in a set phrase or series of words and pronounced as a separate word.
• a set of initials representing a name, organization, or the like, with each letter pronounced separately; an initialism.
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Lightning Round Quiz 1
BI
PD
CGL
BOP
D&O
E&O
AIG
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Key to Lightning Round 1
BI – Bodily Injury
PD – Property Damage
CGL –Commercial General Liability
BOP – Business Owners Policy
D&O – Directors & Officers
E&O – Errors & Omissions
AIG - __________
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Lightning Round Quiz 2
PL
B&M
IM
CA
PPA
WC
CPCU
ASLI
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Key to Lightning Round 2
PL – Personal Lines
B&M – Boiler & Machinery
IM – Inland Marine
CA – Commercial Auto
PPA – Private Passenger Auto
WC – Workers Compensation
CPCU – Chartered Property & Casualty Underwriter
ASLI – Associate in Surplus Lines Insurance
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Avoid Idioms, Slang, & Jargon
• Any words or phrases which may not be understood by readers outside your immediate area should be replaced with common terms.
– The food bank was tickled pink with the large donation.
– The food bank was happy with the large donation.
– The leader is one whacked out dude.
– The leader is unconventional.
– Can you take this Can. Lit. curriculum to the D.H., please?
– Can you take this Canadian Literature curriculum to the Department Head, please?
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Recap
• It’s not what the sender intends, it’s what the receiver interprets.
• The higher the level of conflict, the more costly misunderstandings may be.
• If you don’t know, ask someone!
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Resources
• http://www.irmi.com/online/insurance-glossary/acronyms/acronyms-a.aspx
• https://usinsuranceagents.com/insurance-acronyms