OCCUPATIONAL DISEASE
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.
OFF-BALANCE SHEET RISK
A measure of risk due to excessive rates of growth, contingent liabilities or other items not reflected on the balance sheet.
OPEN COVER
Insurance where the insurer enters into an obligation in advance to provide cover that falls within agreed parameters
ORDINARY LIFE INSURANCE
A life insurance policy that remains in force for the policyholder’s lifetime.
ORIGINAL AGE CONVERSION
A conversion of a term life insurance policy to a permanent plan of insurance at a premium rate, based on the insured’s age when the original term policy was purchased.