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Glossary of Insurance Terms
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- Occupational Hazards: Occupations
which expose the insured to greater than
normal physical danger by the very nature of
the work in which the insured is engaged, and
the varying periods of absence from the
occupation, due to the disability, that can be
expected.
- Occurrence: An accident, including
continuous or repeated exposure to
substantially the same general, harmful
conditions, that results in bodily injury or
property damage during the period of an
insurance policy.
- Occurrence policy: A liability
insurance policy that covers claims arising
out of occurrences that take place during the
policy period, regardless of when the claim is
filed.
- Ocean Marine Insurance: Coverage on
all types of vessels, including liabilities
connected with them, and on their cargoes.
- Operating Ratio: The sum of
expenses and losses expressed as a percent of
earned premium.
- Optionally Renewable Contract: A
contract of health insurance in which the
insurer reserves the right to terminate the
coverage at any anniversary or, in some cases,
at any premium due date, but does not have the
right to terminate coverage between such
dates.
- Ordinance or Law Insurance:
Coverage designed to provide protection
against financial loss for (1) the loss of
value of an undamaged portion of the existing
building which must be demolished and/or
removed to conform with municipal ordinance,
code, etc. (2) the cost of demolition of the
undamaged portions of the building
necessitated by the enforcement of building,
zoning or land use ordinance or law. (3) any
increased expenses incurred to replace the
building with one conforming to building laws
or ordinances, or to repair the damaged
building so that it meets the specifications
of current building laws or ordinances.
- Ordinary Life Insurance: Life
insurance usually issued in amounts of $1,000
or more with premiums payable on an annual,
semi-annual, quarterly or monthly basis.
Compare Whole Life and Straight Life: The
three terms are applied to the type of policy
which continues during the whole of the
insured's life and provides for the payment at
death of an amount insured.
- Other Car Insurance: Coverage
designed to protect employees or executives of
a company or any other person who is supplied
a company vehicle, but who does not own a his
or her own vehicle, therefore not having
personal automobile coverage. The coverage is
generally added by endorsement to the
automobile policy of the company that
furnishes the automobile, giving protection
while the named individual or a member of his
family is driving a car borrowed from a third
party (other than the vehicle named in the
policy).
- Overhead Expense Insurance: A
special form of health insurance designed to
help offset overhead expenses such as office
rent, utilities, employees' wages, and
auditors' fees, incurred during total
disability. The monthly payments during
disability are not a fixed amount of indemnity
as on regular disability polices, but the
amount of overhead expense actually incurred,
or a percentage thereof, up to the limit
specified in the policy.
- Overhead Insurance: A type of
short-term disability income contract that
reimburses the insured person for specified,
fixed monthly expenses, normal and customary
in the operation and conduct of his/her
business or office.
- Over-the Counter Market: A means of
buying and selling securities that are not
listed on a stock exchange. Negotiations are
carried out by telephone or computer network.
- Overriding Commission (Overwrite):
A commission paid to general agents or agency
managers in addition to the commission paid to
the soliciting agent or broker.
- Owner's or Contractor's Protective
Liability Insurance: Coverage designed to
provide for payment on behalf of the insured
all damages the insured becomes legally
obligated to pay due to bodily injury or
property damage caused by an occurrence rising
from (1) operations performed for the named
insured by independent contractors, (2) acts
or omissions of the named insured in
connection with his/her general supervision of
such operations. This does not include
maintenance and repair at premises owned by or
rented to the named insured, or structural
alterations at such premises that do not
involve changing the size of or moving
buildings or other structures.
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