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- 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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