- 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.
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- Obligor: The principal, term
used in bonds, one who is bound by an obligation.
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- 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.
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- Occurrence: An event that results
in a loss that is insured.
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- Occurrence Coverage: A liability
insurance policy that covers claims arising out of occurrences
that take place during the policy period.
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- Ocean Marine Insurance: Insurance
for sea-going vessels, including liabilities connected with
them, and their cargoes.
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- 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.
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- Ordinary Life Policy: A Whole
Life insurance policy in which premiums are paid as long
as an insured in living.
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- 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.
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- Outpatient: A patient who is
not a bed patient and does not need to be hospitalized for
treatment.
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- 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.
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- 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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Back to the Glossary
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