Insurance Glossary

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Learn how to protect your business and your family with our online resources.

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Glossary of Insurance Terms

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

There are currently 11 names in this directory beginning with the letter O.

Obligee

A person, firm, corporation or government agency protected by a surety bond. 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

Occupational Hazard

Dangers inherent in an occupation which increase the risk of sickness or injury.

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.

Omnibus Clause

An automobile policy provision that covers persons driving the named insured

Open Competition States

States where insurance companies can set new rates without prior approval, although the state

Operating Expenses

The cost of maintaining a business

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 of 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.

Original Equipment Manufacturer Parts (OEM)

Sheet metal auto parts made by the manufacturer of the vehicle. (See Generic Auto Parts.)

Other than Collision Coverage

See Comprehensive Automobile Insurance.

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