Insurance and risk management terminology · MLC-0106

Insurance and risk management terms: O (109)

• ObjectTo formally express disagreement or opposition to a proposed action, decision, or piece of evidence during...
• Objective findingsObservable and measurable medical evidence that can be independently verified, rather than relying solely on...
• Obligatory treatyA type of reinsurance agreement where the ceding insurer is obligated to offer all risks within a defined...
• ObligeeThe party to whom a duty or obligation is owed under a contract, bond, or legal agreement. In the context of...
• ObligorThe party who is bound by a legal or contractual obligation to another party, known as the obligee. In the...
• ObstructionsAll new construction and substantial improvements in V Zones must have the space below the lowest floor...
• Occasional driverA person who drives an insured vehicle infrequently, usually less than a certain percentage of the total...
• OccupancyThe type of use or activity conducted within a building or on a property, which influences the level of risk...
• Occupational accident insuranceA form of coverage providing benefits for medical expenses, disability, or death resulting from an accident...
• Occupational classificationA system for categorizing jobs and industries based on the nature of the work performed and the associated...
• Occupational disease ODAn illness or medical condition that arises out of and in the course of employment, caused by exposure to...
• Occupational injuryA physical harm or damage to the body that arises out of and in the course of employment, resulting from a...
• Occupational manualA reference manual used in life and disability income underwriting that lists occupations and groups them by...
• Occupational Safety and Health Administration (OSHA)A United States federal agency responsible for creating and enforcing workplace safety and health standards...
• OccurrenceAn event or series of events that results in bodily injury or property damage, typically defined in an...
• Occurrence basisA type of liability insurance policy that covers claims arising from incidents that occur during the policy...
• Occurrence policyA type of liability insurance policy that covers claims arising from incidents that occur during the policy...
• Occurrence yearThe calendar year in which an insured event, such as an accident or injury, takes place, regardless of when...
• Ocean marine insuranceA broad category of insurance that covers loss or damage to vessels, cargo, and liabilities arising from...
• Of counselA designation for an attorney who has a close, continuing relationship with a law firm but is not a partner...
• Off-balance-sheet riskPotential financial exposures or obligations that are not recorded on a company's balance sheet but could...
• Off-duty coverageInsurance for law enforcement officers who work off duty, in security or traffic jobs for private employers...
• OfferA proposal made by one party to another, indicating a willingness to enter into a contract under specified...
• Offer of judgmentA formal proposal made by one party in a lawsuit to the opposing party to settle the case for a specific...
• OffereeThe party who receives an offer and has the power to accept it, reject it or make a counteroffer. Acceptance...
• OfferorA party that proposes a contract to another party, outlining the terms and conditions under which they are...
• Office burglary and robberyInsurance coverage specifically designed to protect businesses from losses due to theft of property from...
• Office of Motor Carrier Standards (OMCS)A former agency within the U.S. Federal Highway Administration responsible for developing and enforcing...
• Office sharing exclusionA provision found in professional liability insurance policies, particularly for law firms, that denies...
• Offset clauseA provision in an insurance policy or reinsurance treaty that allows one party to reduce its payment...
• Offset (setoff)A legal right allowing an insurer to reduce the amount payable on a claim by any outstanding debt the...
• Offshore captiveA wholly owned insurance company established and domiciled in a foreign jurisdiction, often one with...
• Old line insurance companyA traditional legal reserve insurer, organized as a stock or mutual company, as distinct from a fraternal...
• Omnibus clauseA provision in an automobile insurance policy that extends liability coverage to individuals driving the...
• On-call employeeA worker who is required to be available to work at short notice, either at the employer's premises or a...
• On-demand bondA type of guarantee issued by a bank or financial institution that obligates the issuer to pay a specified...
• Ongoing operationsActivities performed by an insured business during the normal course of its work, as opposed to completed...
• Online Privacy Protection Act of 2003A California state law, also known as CalOPPA, that requires operators of commercial websites or online...
• Onshore captiveA wholly owned insurance company established and domiciled within the same country as its owner, often in a...
• Open enrollment periodA specific, limited time frame each year during which individuals can enroll in a new health insurance plan...
• Open perilsA type of insurance coverage that protects against all causes of loss unless specifically excluded in the...
• Open ratingA regulatory system in workers' compensation insurance where insurers are permitted to set their own rates...
• Open stock burglary policyA commercial crime insurance policy that covers loss of merchandise, furniture, fixtures, and equipment due...
• OpeningsIn A Zones, all new construction and substantial improvements may have fully enclosed areas below the lowest...
• Operating cash flowThe amount of cash generated by a company's normal business operations, before accounting for investments or...
• Operating earningsThe profit a company generates from its primary business activities, before deducting interest and taxes...
• Operational riskThe potential for financial loss or disruption arising from inadequate or failed internal processes, human...
• Operational risk financing securities (ORFS)Financial instruments designed to transfer specific operational risks from a company to capital market...
• Operational risk management (ORM)A framework for identifying, assessing, and mitigating risks arising from failed internal processes, people...
• OperatorThe individual or entity responsible for the day-to-day management and control of an insured asset, business...
• Operators extra expense (OEE)A coverage for oil and gas operators that pays the cost of regaining control of a well that blows out or...
• Optimum level of risk retentionThe level of retained risk at which an organization's total cost of risk, made up of retained losses...
• OptionA financial contract that gives the holder the right, but not the obligation, to buy or sell an underlying...
• Option backdatingThe illegal practice of retroactively setting the grant date of stock options to a prior date when the...
• Option instrumentsFinancial contracts that grant the holder the right, but not the obligation, to execute a transaction...
• Option spring-loadingThe practice of granting stock options to executives shortly before the release of positive, non-public...
• Optionally renewableA type of insurance policy, typically in health or disability insurance, where the insurer retains the right...
• Opt-out lawsuitsLegal actions brought by individuals or entities who choose not to participate in a class action lawsuit...
• Ordinance or law coverageAn additional insurance provision that extends coverage for losses caused by the enforcement of building...
• OrdinancesSee Floodplain Management Ordinance.
• Ordinary constructionA classification of building construction used by insurers to assess fire risk, characterized by exterior...
• Ordinary lifeA type of whole life insurance policy that provides coverage for the entire lifetime of the insured, with...
• Ordinary payroll limitation or exclusion endorsementAn addition to a business income insurance policy that modifies coverage for the payroll expenses of...
• Organizational documentsThe legal instruments that establish and govern the structure, operations, and purpose of an entity, such as...
• Organizational riskThe potential for adverse events or outcomes that arise from an organization's structure, culture, processes...
• OrganizingA step in the risk management process that involves establishing the internal structure, authority, and...
• Original ageThe age of the insured at the time an insurance policy was initially issued. This age is a key factor in...
• Original age conversionA feature in some life insurance policies that allows the policyholder to convert a term life policy to a...
• Original equipment manufacturer (OEM)A company that produces parts or equipment that are marketed by another manufacturer. In insurance...
• Original gross premium (OGP)The total premium charged by the primary insurer to the policyholder before any deductions for reinsurance or...
• Original insurerThe insurance company that directly issues a policy to an insured and assumes the initial risk. This insurer...
• Ostensible agency liabilityLegal responsibility imposed on a principal for the actions of an agent, even if the agent lacked actual...
• OsteopathA licensed healthcare professional who practices osteopathic medicine, a system of medicine emphasizing the...
• Other insurance clauseA provision in an insurance policy that specifies how the policy will respond when other insurance policies...
• Other non-residential buildingThis is a subcategory of nonresidential buildings; a non-habitational building that does not qualify as a...
• Other residential buildingA residential building that is designed for use as a residential space for 5 or more families or a mixed-use...
• Other residential propertyEither an other-residential building, the contents within an other residential building, or both.
• Other states coverageItem 3.C coverage in the standard workers' compensation and employers liability policy that applies when the...
• Other structuresDetached structures on the insured property that are not connected to the main dwelling, such as a separate...
• Other underwriting incomeRevenue generated by an insurance company that is directly related to its underwriting activities but does...
• Other-than-collision coverage OTCAutomobile insurance protection for damage to a vehicle caused by incidents other than a collision with...
• Otherwise protected areasAreas established under federal, state or local law or held by a qualified organization, primarily for...
• Out of employmentThe causal-connection element of the workers' compensation compensability test, found in the phrase 'arising...
• Out-as-shown determinationAn alternative outcome of the FEMA letter of Map Amendment (LOMA) review process stating that a specific...
• Outcomes measurementThe systematic process of evaluating the results or effects of interventions, programs, or treatments...
• Outer Continental ShelfThe submerged lands extending seaward from the outer limit of the U.S. states' jurisdiction to the outer...
• Outer Continental Shelf Lands Act of 1953 (OCSLA)A United States federal law that extends the provisions of the Longshore and Harbor Workers' Compensation Act...
• Out-of-pocket costsThe portion of a covered loss or expense that a policyholder must pay personally, which is not reimbursed by...
• Out-of-pocket limit (OOP)The maximum amount of money an insured individual will have to pay for covered healthcare services in a...
• OutplacementA service provided by employers to assist former employees in finding new employment after a layoff or...
• Outside directorsMembers of a corporation's board of directors who are not employees, officers, or major shareholders of the...
• Outside directorship liability coverageInsurance protection for directors and officers when they serve on the board of another entity at the request...
• Outstanding loss reserves (OSLR)An insurer's estimate of its future liability for claims that have been reported but not yet settled or paid...
• Outstanding lossesThe total amount of money an insurer expects to pay for claims that have occurred but are not yet fully...
• Outstanding premiumsThe total amount of insurance premiums that are due from policyholders but have not yet been collected by the...
• Overall operating ratioA measure of an insurer's total operating result, found by subtracting the investment income ratio, meaning...
• Overhead expense insuranceA type of business insurance designed to cover the fixed operating costs of a business if the owner becomes...
• OverinsuranceA condition where the total amount of insurance coverage purchased for a specific risk exceeds the actual...
• Overlapping insuranceThe existence of two or more insurance policies that cover the same property, liability, or person for the...
• Over-lineThe portion of an insurance risk that an insurer is unwilling or unable to retain for its own account due to...
• OverrideAn additional commission paid to a general agent, manager, or supervisor on the business produced by the...
• Overriding commissionA commission paid to an insurance agent or broker for business generated by other agents or brokers under...
• Owner-claimant ruleA rule applied to property damage claims under liability policies, under which coverage exists only if the...
• Owner-controlled insurance program (OCIP)A consolidated insurance program procured by a project owner to cover all contractors and subcontractors...
• Owner-operatorAn individual who owns their own business and also actively works in it, particularly common in the trucking...
• Owners and contractors protective (OCP) liability coverageA type of general liability insurance purchased by a contractor to protect the project owner from liability...
• Owners, landlords, and tenants (OL&T) liability policyA type of commercial general liability insurance that provides coverage for property owners, landlords, and...
• Owners protective errors and omissions insurance coverageProfessional liability insurance designed to protect project owners from financial losses due to errors...
• Ownership clauseA provision in an insurance policy that specifies who has the legal rights and control over the policy...

109 of 3,682 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.