O – Glossary of Terms


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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.

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.

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.

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).

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