O - GLOSSARY 1. Occurrence An occurrence refers to an event that results in a loss covered by an insurance policy. It includes accidents or continuous exposure to harmful conditions. Learn more about occurrences. 2. Occupational Hazard This term describes risks associated with a particular occupation that may lead to injury or illness. These hazards are often considered when calculating insurance premiums. Explore occupational hazards. 3. Out-of-Pocket Maximum The out-of-pocket maximum is the most a policyholder will pay during a policy period before the insurance covers 100% of additional costs. It typically includes deductibles, co-payments, and co-insurance. More about out-of-pocket maximums. 4. Own Occupation Insurance This type of insurance provides coverage if a policyholder cannot perform their specific job duties due to disability. It ensures financial security while one is unable to work in their own occupation. Discover own occupation insurance. 5. Open Enrollment Period An open enrollment period is a designated time frame during which individuals can enroll in or make changes to their health insurance plans. This period typically occurs once a year. Understand open enrollment. 6. Overinsurance Overinsurance occurs when an individual has insurance coverage that exceeds the actual value of the insured item or potential loss. This can lead to unnecessary premium costs. Learn about overinsurance. 7. Occurrence Policy An occurrence policy covers claims for incidents that occur during the policy period, regardless of when the claim is filed. It provides long-term protection for past events. Read more on occurrence policies. 8. Ordinance or Law Coverage This coverage helps pay for increased costs due to building codes or laws after a covered loss. It is often included in property insurance policies. Find out more about ordinance or law coverage. 9. Outpatient Care Outpatient care involves medical services received without being admitted to a hospital. This type of care is typically covered under health insurance plans. Explore outpatient care. 10. Other Structures Coverage This insurance covers structures on a property that are not attached to the main dwelling, such as sheds or fences. It is commonly included in homeowner's insurance policies. Learn about other structures coverage. 11. Optionally Renewable Policy An optionally renewable policy allows the insurer to decide whether to renew the policy at the end of each term. The insurer can change terms or premiums upon renewal. Read about optionally renewable policies. 12. Occupational Accident Insurance This insurance provides benefits to employees who suffer injuries or death while performing job-related duties. It is an alternative to traditional workers' compensation. Learn more about occupational accident insurance. 13. Obsolescence Obsolescence refers to the decline in value of an asset due to technological advancements or changes in market conditions. It is a consideration in property insurance. Understand obsolescence. 14. Overlapping Insurance Overlapping insurance occurs when multiple policies provide coverage for the same risk, leading to potential conflicts in claims processing. Coordination of benefits is necessary to avoid duplication. Read about overlapping insurance. 15. Occurrence Limit The occurrence limit is the maximum amount an insurer will pay for all claims resulting from a single occurrence. It is specified in liability insurance policies. Find out more about occurrence limits. 16. Outstanding Claims Outstanding claims refer to claims that have been reported to the insurer but not yet settled or paid. These claims are part of the insurer's liabilities. Learn about outstanding claims. 17. Off-Premises Coverage This coverage protects personal property when it is away from the insured location, such as during travel. It is often included in homeowner's and renter's insurance policies. Explore off-premises coverage. 18. Overall Limit The overall limit is the maximum amount an insurer will pay for all claims during a policy period. It encompasses all individual occurrence limits. Understand overall limits. 19. Occupational Disease An occupational disease is an illness caused by long-term exposure to risk factors associated with a specific job. It is typically covered under workers' compensation insurance. Learn about occupational diseases. 20. Overhead Insurance Overhead insurance covers business expenses such as rent, utilities, and salaries if the owner is unable to work due to disability. It helps maintain business operations during recovery. Discover overhead insurance.