What does ISO stand for in the context of insurance?

In the context of insurance, ISO stands for Insurance Services Office. This organization plays a critical role in the insurance industry by providing various services, including statistical data and analytical tools that help insurance companies assess risks, set premiums, and manage claims. ISO develops policy forms and endorsements for different types of insurance products, ensuring that insurers have the necessary guidance and standardization in their offerings. This aids in maintaining consistency across the industry and assists companies in underwriting and pricing their coverage effectively. Understanding ISO is essential for anyone involved in the insurance field, as it helps frame the way policies are created and evaluated.