Insurance Glossary
 

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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.

• Obligor:
  The principal, term used in bonds, one who is bound by an obligation.

• 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.

• Occurrence:
  An event that results in a loss that is insured.

• Occurrence Coverage:
  A liability insurance policy that covers claims arising out of occurrences that take place during the policy period.

• Ocean Marine Insurance:
  Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.

• 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.

• Ordinary Life Policy:
  A Whole Life insurance policy in which premiums are paid as long as an insured in living.

• 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.

• Outpatient:
  A patient who is not a bed patient and does not need to be hospitalized for treatment.

• 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.

• 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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