Dictionary of Insurance Terms -O-

-O-

• 
  Occupational Hazards: Occupations
  which expose the insured to greater than normal physical danger by the
  very nature of the work in which the insured is engaged, and the varying
  periods of absence from the occupation, due to the disability, that can
  be expected.
• 
  Occurrence: An accident, including continuous
  or repeated exposure to substantially the same general, harmful conditions,
  that results in bodily injury or property damage during the period of an
  insurance policy.
• 
  Occurrence policy: A liability insurance
  policy that covers claims arising out of occurrences that take place during
  the policy period, regardless of when the claim is filed.
• 
  Ocean Marine Insurance: Insurance
  for sea-going vessels, including liabilities connected with them, and their
  cargoes.
• 
  Operating Ratio: The sum of expenses
  and losses expressed as a percent of earned premium.
• 
  Overhead Insurance: A type of short-term
  disability income contract that reimburses the insured person for specified,
  fixed monthly expenses, normal and customary in the operation and conduct
  of his/her business or office.
• 
  Over-the Counter Market: A
  means of buying and selling securities that are not listed on a stock exchange.
  Negotiations are carried out by telephone or computer network.
• 
  Overriding Commission
  (Overwrite): A commission paid to general agents or agency managers
  in addition to the commission paid the soliciting agent or broker.