American Association Of Insurance Services (AAIS)

Categories: Insurance, Education

An association catering to insurance companies, the American Association Of Insurance Services compiles statistical information and provides research to its members. The AAIS also produces standardized policy forms, so if you ever wanted to know who comes up with the knotty, near-incoherent text of insurance form letters, look no further than the AAIS.

The AAIS took its current form in 1975 after a long evolution that started in the 1930s, with a focus on boats (ironic, given that the organization is now headquartered in downstate Illinois, about as far from the ocean as you can get). The organization that would eventually become the AAIS was founded as the Mutual Marine Conference in 1936. The organization expanded in 1947 through a merger with the Mutual Aircraft Conference, joining air and water to become the Transportation Insurance Rating Bureau. Finally, in the mid-1970s, the AAIS took on its current name and broadened its mission to include all sizes of property and casualty insurers.

Find other enlightening terms in Shmoop Finance Genius Bar(f)