Obligee:
Anyone in whose favor an obligation runs. This term is
used with surety bonds referring to a person, firm, or
corporation protected by the bond.
Obligor:
The principal, term used in bonds, one who is bound by
an obligation.
Occupational Hazards:
An occupational exposure the insured has that is greater
than a normal physical danger by the very nature of the
work in which the insured is engaged.
Occurrence:
An event that results in a loss that is insured.
Occurrence Coverage:
A liability insurance policy that covers claims arising out of
occurrences that take place during the policy period.
Ocean Marine Insurance:
Insurance for sea-going vessels, including liabilities
connected with them, and their cargoes.
Optionally Renewable Contract:
A contract of health insurance in which the insurer has the
right to terminate the policy at any anniversary and, in a
few cases, at any premium due date.
Ordinary Life Policy:
A Whole Life insurance policy in which premiums are
paid as long as an insured in living.
Out-of-Pocket Limit:
The maximum coinsurance an individual is required to
pay, after which an insurer will pay 100% of any covered
expenses up to the policy limit.
Outpatient:
A patient who is not a bed patient and does not need to
be hospitalized for treatment.
Overhead Expense Insurance:
A type of health insurance designed to help offset
overhead expenses such as office rent, utilities, and
employees' wages incurred during total disability.
Owners and Contractors Protective Liability Policy:
An insurance policy that protects an insured against losses
caused by the negligence of a contractor (or hired
subcontractor by the contractor).
