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0-9
O
Occupational Disease
Occupational Hazard
Occurrence Basis
Ocean Marine Insurance
Open-End Lease
Open Enrollment Period
Open Peril Coverage
Ordinary Income
Own Occupation
Occupational Disease
An illness contracted as a result of employment-related exposures and conditions. Coverage for these situations is provided through workers compensation.
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Occupational Hazard
Condition surrounding a work environment that increases the probability of death, illness, or disability to a worker. This type of hazard is considered when evaluating an application for insurance.
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Occurrence Basis
Coverage (in liability insurance) for harm suffered by others or their property due to events occurring while a policy is in force, regardless of when a claim is actually made.
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Ocean Marine Insurance
Property-casualty insurance coverage for damage or destruction of a ship's hull and cargo as a result of the occurrence of an insured peril.
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Open-End Lease
A lease agreement that provides for an additional payment after the property is returned to the lessor to adjust for any change in the value of the property.
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Open Enrollment Period
A period of time, often once or twice a year, during which individuals are permitted to enroll in group insurance plans.
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Open Peril Coverage
Insurance coverage for all risks other than those that the policy specifically excludes.
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Ordinary Income
Income from the normal activities of an individual or business that is not capital gains from the sale of assets.
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Own Occupation
A term for a disability policy that provides benefits when the insured is unable to perform the usual and customary duties of one's own occupation.
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