This document represents the progress to date of the Working Party set up to produce a Comparison of Terms used in the US and UK.

The terms defined are those found either in:

• the Glossary of Terms in the UK Subject 403 (General Insurance) Core Reading; or
• the Glossary of Actuarial Terms developed by the Editorial Advisory Committee of the Actuarial Standards Board in the US; or
• both.

Note that where a term is 'not defined', this does not mean that the term has no meaning in the relevant country, merely that it is not defined in the source we have used.

It is still a work-in-progress, but even so begins to address one of the reasons for its existence - it highlights that there are many differences in terminology used in the US and UK.

However, there is still some work to do on it, specifically:

• Write definitions, where appropriate, for those entries 'not defined'.
• For each country, add any terms whose equivalent in the other country is defined.
• Address any other obvious omissions.

The document represents the distillation of a great deal of information taken from various sources, as well as these mentioned above. Specifically, definitions from the following dictionaries were considered:

• Witherby's Dictionary of Insurance, by Cockerell (UK);
• Dictionary of Insurance, by Bennett (UK);
• Dictionary of Insurance Terms, by Rubin (US);

It is likely, however, that definitions in the first two sources mentioned will be used almost without exception, to ensure a consistency of style.

It is hoped to maintain this document on a regular basis. Help with tasks 1-3 above would be particularly welcome, but we would be happy to receive any suggestions for improvements. Correspondence should be addressed to Sally Calder Staff Actuary.