Insurance Terms: O
by Anna Glendenning | More from this Blogger
03 Aug 2007 01:58 PM
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- Occupational Disease is an abnormal condition or illness. The cause of the condition or illness can be associated with factors in a person's workplace. Occupational Disease is covered by Workers Compensation policies usually with similar coverage as occupational injuries.
- Occurrence Policy Insurance is an insurance contract that will pay claims for liabilities or situations that took place while the policy was enforce even when the claim is filed years after the incident too place.
- Ocean Marine Insurance Coverage defines all types insurance policies covering vessels and watercraft, for losses and property damage to the vessel and cargo. Insurance risks covered often include such things as piracy and jettison. Lines of insurance also include coverage for marine liabilities. War coverage can also be added as an insured risk with some insurers.
- Omissions by the strictest definitions is the act of omitting information. Omission is the neglect and failure to do something required by propriety and duty. Omissions are one part of malpractice many professionals including insurance agents must consider an insurance policy protecting them from liability claims caused by their errors or omissions while conducting their professional service.
- Open Competition States are states where the insurance companies can set new rates without obtaining prior approval, from the state in advance. The insurance commissioner of the state generally has the power to disallow the rate changes it considered unreasonable and inadequate or are discriminatory.
- Options Contracts is a contract which will allow, but do not obligate, the buying or selling of property or assets on a specific date at a specific price.
- Ordinance or Law Coverage in an endorsement attached to property insurance policy which will pay the extra costs of rebuilding in order to comply with changes in ordinances or laws. Typically these involve building code changes made since the original construction of the structure. Homeowners with this endorsement would have insurance to cover any additional costs new building codes might cause in the event of a loss.
- Ordinary Life Insurance is a life insurance policy that remains in force for the lifetime of a policyholder.
- Original Equipment Manufacturer Parts (OEM) are the sheet metal auto parts made by the original manufacturer of the vehicle.
- Outbuilding an outbuilding is a separate structure associated with another main building but not connect in any physical way to each other.
- Out-of-pocket Expenses are the expenses a person incurs for either business or personal needs.
- Outpatient is a health insurance term that defines a patient who is not hospitalized but receives medical care in another place like a doctor's office, clinic, or day surgery center. Outpatient care may also be called ambulatory care
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Anna Glendenning is a mother of four. Two biological children grown and out of college, and two siblings and adopted together in 2003. Anna's Personal Website http://www.adoptiveparentsnetwork.
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