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Glossary
Table of Contents
Member of the Better Business Bureau
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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: Insurance for
sea-going vessels, including liabilities connected with them, and their
cargoes.
| 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.
| 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.
| Ordinary Life: Synonymous With 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 of amount insured at this death.
| 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 is
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 the soliciting agent or broker. |
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