☰ ˟
Neighborhood Insurance Services
Español
Get More Information 888.504.4030
  • Home
  • Menu
    • About Us
    • Join Our Family
    • Contact Us
  • Get A Quote
    • Automobile
    • Business & Commercial
    • Errors & Omissions
    • Health
    • Homeowners
    • Life
  • NIS Partners
    • NIS Restore
    • Business Credit Literacy Initiative
  • Insurance Knowledge
    • View Our Blog
    • Video Library
    • Free Reports
    • Insurance Glossary
    • Join our Newsletter
  • Important Links
    • FREE REPORTS
    • Customer Forms Logon
    • Refer a Friend
    • Our Insurance Partners
    • Make A Payment
  • Trusted Choice
    • News
    • Pledge of Performance
  • NIS Staff Only
    • Email Server
    • Secure File Area
    • Administration Console
    • NIS Store

 

 

 

                                                                                                               Logo


Auto HomeOwners Business Health Life
Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from Neighborhood Insurance Services.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Neighborhood Insurance Services today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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.

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.

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.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Connect with us

Social Social Social

Check us out

Offices in Dallas, TX & Jackson, MS
Phone: 888.504.4030
Email Us

Request an insurance quote or Business Credit Literacy Info below.

For Insurance Quote, please select insurance type.

 
© Copyright. All rights reserved.
Powered by Insurance Website Builder