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Glossary of Insurance Terms - O

Glossary of terms used in insurance - O

  1. Open Ended HMOs: A flexible HMO. It allows individuals to visit service providers outside the network. Members receive partial or full coverage of the costs.
  2. Out of Plan (Out Of Network): The term refers to the service providers who are outside the insurance contract. Depending on the individual plan, the company may give partial or full coverage to an individual for visiting an out of network provider.
  3. Out Of Pocket Maximum: A fixed amount of money you are expected to pay before the company starts your full cover.
  4. Outpatient: Services availed by a member which does not include overnight hospital stay. Insurance companies often include services which will be covered only on an outpatient basis.
  5. Open Enrollment Period: This is a framework of time within which eligible people may sign up for cover in a group health plan. During this period, a person is usually not required to furnish evidence of insurability.
  6. Outpatient Surgery: Surgical procedures that do not require overnight stay at a hospital. These surgeries can typically be performed at hospitals, physician’s office or at a surgery centre.
  7. Operating Cash Flow: This measures the funds obtained from insurance operations. It includes changes in cash and assets as a result of changes in underwriting activities, federal income taxes and net investment income. It excludes dividends for stockholders, unrealized capital gains and losses, capital contributions and other transactions not related to insurance. It measures how much a company is able to meet its obligations from funds generated internally. A negative balance might indicate losses in underwriting results.
  8. Other Income or Expenses: This term refers to other sources of operating income or expense related to finance income from premiums. It also refers to charges for reinsurances or uncollectible premiums.
  9. Overall Liquidity Ratio: This is the product obtained after dividing the total assets by total liabilities, after conditional reserves have been subtracted.
  10. Own Occupation: This refers to an insurance contract provision allowing policy holders to obtain benefits, if they are unable to work.
  11. Occupational Disease: This refers to an abnormal condition caused by exposure to certain factors at work. These factors are covered by workers’ compensation policies like occupational injuries.
  12. Occurrence Policy: These pay for claims coming out of incidents that occur during the term of the policy.
  13. Ocean Marine Insurance: This is a type of coverage provided for all kinds of vessels and watercraft. Covers are provided for cargoes. Risks like jettisoning of cargo and piracy are also covered. The company also provides coverage for liabilities related to marine issues. War is not covered under these policies but can be bought.
  14. Open Competition States: These are certain states where insurance companies do not require prior approval before changing rates. However, the commissioner of the state can disallow the rates if they are discriminatory or inadequate.
  15. Operating Expenses: This refers to the cost of maintaining the property of a business. It includes insurance, utilities and rent. It excludes depreciation, financing expenses and income tax.
  16. Options: These are contracts that allow the buying and selling of assets and properties at a particular date at a fixed price.
  17. Ordinance or Law Coverage: This is an endorsement of a property policy. It pays for the additional cost of rebuilding according to laws and building codes. For example, a building that was damaged during a hurricane will need to be built at a level above the flood line. The endorsement would cover a part of the extra cost.
  18. Ordinary Life Insurance: This refers to a life insurance policy which remains in force during the lifetime of the policy holder.
  19. Original Equipments Manufacturing Parts: These refer to the sheet metal auto parts made by the manufacturer of the vehicle.
  20. Over The Counter: This refers to those securities which are not traded on an exchange e.g. the New York stock exchange. The business in such securities is done through dealers on electronic networks.

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