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*Terms marked with an asterisk are from LOMA’s
Glossary of Insurance and Financial Services Terms. Copyright © 2002
LOMA (Life Office Management Association, Inc.). Used with
permission from LOMA. Click here
for more information
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OCCUPATIONAL DISEASE
Abnormal condition or illness caused by factors associated with the
workplace. Like occupational injuries, this is covered by workers
compensation policies. (See Workers compensation)
OCCURRENCE POLICY
Insurance that pays claims arising out of incidents that occur
during the policy term, even if they are filed many years later.
(See Claims-made policy)
OCEAN MARINE INSURANCE
Coverage of all types of vessels and watercraft, for property damage
to the vessel and cargo, including such risks as piracy and the
jettisoning of cargo to save the property of others. Coverage for
marine-related liabilities. War is excluded from basic policies, but
can be bought back.
OPEN COMPETITION STATES
States where insurance companies can set new rates without prior
approval, although the state's commissioner can disallow them if
they are not reasonable and adequate or are discriminatory.
OPERATING EXPENSES
The cost of maintaining a business's property, includes insurance,
property taxes, utilities and rent, but excludes income tax,
depreciation and other financing expenses.
OPTIONS
Contracts that allow, but do not oblige, the buying or selling of
property or assets at a certain date at a set price.
ORDINANCE OR LAW COVERAGE
Endorsement to a property policy, including homeowners, that pays
for the extra expense of rebuilding to comply with ordinances or
laws, often building codes, that did not exist when the building was
originally built. For example, a building severely damaged in a
hurricane may have to be elevated above the flood line when it is
rebuilt. This endorsement would cover part of the additional cost.
ORDINARY LIFE INSURANCE
A life insurance policy that remains in force for the policyholder's
lifetime. It contrasts with term insurance, which only lasts for a
specified number of years but is renewable. (See Term
insurance)
ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM
Sheet metal auto parts made by the manufacturer of the vehicle. (See
Generic auto parts)
OVER-THE-COUNTER (OTC)
Security that is not listed or traded on an exchange such as the New
York Stock Exchange. Business in over-the-counter securities is
conducted through dealers using electronic networks.
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