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Insurance Glossary

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  • 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 is 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).

 
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Insurance Glossary is Copyrighted By Richard H. Reynolds.
Insurance Network of America Uses This Glossary By Permission.

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Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.

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