Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 18 of 18 matching terms
Terms beginning with O
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Occurrence-based coverage
Business insurance - Liability coverage generally triggered by bodily injury, property damage, or another defined occurrence during the policy period.
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Occurrence limit
Business insurance - The maximum a liability policy will pay for covered damages arising from one occurrence.
- Also called: per occurrence limit
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Occurrence policy
Business insurance - A liability policy designed around incidents that occur during the policy period, subject to its terms.
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OEM parts coverage
Auto insurance - Optional coverage or policy wording addressing the use of original equipment manufacturer parts in covered vehicle repairs.
- Also called: original parts coverage
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Omnibus clause
Auto insurance - Policy language that may extend liability coverage to people using an insured vehicle with the named insured’s permission.
- Also called: permissive use clause
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Open enrollment
Health insurance - A scheduled period when people may enroll in or change certain health coverage.
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Open enrollment period
Health insurance - The annual period when eligible people may enroll in or change health coverage without a qualifying event.
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Open formulary
Health insurance - A drug list with fewer coverage restrictions than a closed formulary, subject to the plan’s rules.
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Open perils policy
Home insurance - A policy form that covers direct physical loss unless the cause is specifically excluded.
- Also called: all-risk policy
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Ordinance or law coverage
Home insurance - Coverage that may help pay added rebuilding costs required by current building codes after a covered loss.
- Also called: building code coverage
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Other insurance clause
Business insurance - Policy language explaining how coverage applies when another policy may also cover the same loss.
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Other structures coverage
Home insurance - Homeowners coverage for detached structures on the residence premises, such as a shed, fence, or detached garage.
- Also called: Coverage B
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Out-of-network
Health insurance - A provider or facility without a contract with a health plan, often resulting in different coverage or higher member costs.
- Also called: non-network provider
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Out-of-pocket maximum
Health insurance - The most a member may pay for covered health care that counts toward the plan’s limit during a plan period, under plan rules.
- Also called: out-of-pocket limit
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Outpatient care
Health insurance - Medical services received without being admitted for an overnight stay in a hospital or facility.
- Also called: outpatient services
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Overhead and profit
Claims - Amounts in a repair estimate for contractor supervision, coordination, and business profit when justified by the work.
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Owner driven beneficiary change
Life insurance - A change to a beneficiary designation made by the policy or contract owner under the rights reserved in the contract.
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Own risk and solvency assessment
General insurance - An insurer’s internal assessment of material risks, capital needs, and solvency position, often reported to regulators under applicable rules.
- Also called: ORSA