Occurrence
- Occurrence
coverage may be defined as an event, or repeated exposure to
conditions, which unexpectedly causes injury during the policy
period. This type of coverage differs from coverage on an "accident"
basis if the "occurrence" connotes gradual or
accumulative damage without regard to exact time or place,
whereas "accident" refers to instantaneous damage,
identifiable as to time and place.
Original Equipment
Manufacturer Parts -
Auto parts obtained from the original manufacturer of the car
or the supplier of the original part.
Overseas Insurance -
Auto
and Property Insurance for those living abroad is available
from American International Underwriters through GEICO's
subsidiary, International Insurance Underwriters.
OCCUPATIONAL DISEASE - Abnormal condition or
illness caused by factors associated with the workplace. Like
occupational injuries, this is covered by workers compensation
policies. (See Workers compensation)
OCCURRENCE POLICY -
Insurance that pays claims arising out of incidents that occur
during the policy term, even if they are filed many years
later. (See Claims-made policy)
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. It contrasts with
term insurance, which only lasts for a specified number of
years but is renewable.
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.
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