Do you get confused by insurance jargon? Here are some abbreviations your insurance broker or insurer might use and what it all means:

ACCC Australian Consumer and Competition Commission

AFS Australian Financial Services

APRA Australian Prudential Regulation Authority

ASIC Australian Securities and Investments Commission

CA Corporations Act 2001

FSG Financial Services Guide

General Advice A statement of opinion or recommendation in general terms.

ICA Insurance Contracts Act 1984

Intermediary A person who either acts for or on behalf of the client, or for or on behalf of the insurer, and is a Licensee or authorised representative (e.g. an insurance broker or an underwriting agency / general managing agency).

LoE Letter of Engagement Licensees Holders of an Australian financial services licence

PDS Product Disclosure Statement

Personal Advice A statement of opinion or recommendation where the adviser has considered one or more of the person’s needs, objectives and financial situation (or a reasonable person would have expected the adviser to have done so.

SoA Statement of Advice

TPA Trade Practices Act

Gillian Lilley
Freelance Business Writer

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

By The Quotesonline Team| 2014-11-11T06:41:36+00:00 February 16th, 2010|Insurance, Insurance Information|
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