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).