What does ISO stand for in the context of insurance?

The correct choice, Insurance Services Office, reflects the primary role of ISO in the insurance industry. ISO provides a range of services, including statistical data collection, developing insurance policy forms, and providing actuarial data to help insurance companies assess risk and set premiums.

This organization plays a critical role in standardizing terms and conditions of insurance policies, which enhances the consistency and comparability of insurance products across different carriers. By having a standardized set of practices and definitions, ISO contributes to the overall stability and efficiency of the insurance market, allowing companies to operate smoothly and fairly.

While the International Standards Organization (B) is indeed a recognized entity focused on global standards across various industries, it is not specifically tied to the insurance sector. The other choices, Insurance Settlement Organization and Incorporated Services Organization, do not represent established entities or commonly recognized acronyms within the insurance industry, further emphasizing that ISO primarily refers to Insurance Services Office in this context.