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Insurance Definitions and Insurance Terms
Insurance Glossary and Insurance Terms Definitions are below.

Definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.
Abnormal condition or illness caused by factors associated with the workplace. Like occupational injuries,
this is covered by workers compensation policies.

OCCURRENCE POLICY
Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed
many years later.

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.

ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM
Sheet metal auto parts made by the manufacturer of the vehicle.

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.




NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.
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