We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
OCCUPATIONAL DISEASE - Abnormal condition or illness
caused by factors associated with the workplace. Like occupational
injuries, this is covered by workers compensation policies. (See
Workers compensation)
OCCURRENCE POLICY - Insurance that pays claims arising
out of incidents that occur during the policy term, even if they are filed many
years later. (See Claims-made policy)
OCEAN MARINE INSURANCE - Coverage of all types of vessels
and watercraft, for property damage to the vessel and cargo, including such risks
as piracy and the jettisoning of cargo to save the property of others. Coverage
for marine-related liabilities. War is excluded from basic policies, but can
be bought back.
OPEN COMPETITION STATES
- States where insurance
companies can set new rates without prior approval, although the state’s
commissioner can disallow them if they are not reasonable and adequate or are
discriminatory.
OPERATING EXPENSES - The cost of maintaining a business’s
property, includes insurance, property taxes, utilities and rent, but excludes
income tax, depreciation and other financing expenses.
OPTIONS - Contracts that allow, but do not oblige, the buying
or selling of property or assets at a certain date at a set price.
ORDINANCE OR LAW COVERAGE - Endorsement to a property policy,
including homeowners, that pays for the extra expense of rebuilding to comply
with ordinances or laws, often building codes, that did not exist when the building
was originally built. For example, a building severely damaged in a hurricane
may have to be elevated above the flood line when it is rebuilt. This endorsement
would cover part of the additional cost.
ORDINARY LIFE INSURANCE - A life insurance policy that remains
in force for the policyholder’s lifetime. It contrasts with term insurance,
which only lasts for a specified number of years but is renewable. (See Term
insurance)
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ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM -
Sheet metal auto parts made by the manufacturer of the vehicle. (See Generic
auto parts)
OVER-THE-COUNTER (OTC) - Security that is not
listed or traded on an exchange such as the New York Stock Exchange. Business
in over-the-counter securities is conducted through dealers using electronic
networks. |
