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Insurance Glossary

Insurance terms and definitions from AAKOBB Financial 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 AAKOBB Financial 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.

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Glossary content provided by Insurance Information Institute and ITC


AAKOBB Financial Services does not accept orders and/or instructions regarding your account and/or insurance policy on the internet, by e-mail, voice mail, fax, or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Information sent through the Internet is not secure or confidential. AAKOBB Financial Services reserves the right to monitor the browsing activities of visitors to its website.

Any information provided on this website has been prepared from sources believed to be reliable, but is not guaranteed by AAKOBB Financial Services and is not a complete summary or statement of all available data necessary for making any investment and/or financial decision. Any information provided is for informational purposes only and does not constitute a recommendation. AAKOBB Financial Services and its employees do not own options, rights or warrants to purchase any of the securites and other financial products mentioned on this website. Any review, re-transmission, dissemination or other use of – or taking of any action in reliance upon – the information provided on this website by persons visiting this website is done solely at such persons' own risk, and AAKOBB Financial Services and its employees may not be held liable in any manner for such use of or reliance upon the information herein provided.  

Disclaimer under IRS Circular 230:  Unless expressly stated otherwise, any U.S. federal tax advice included on this website is not intended or written to be used, and may not be relied upon or used (1) by any taxpayer for the purpose of avoiding penalties that may be imposed on any taxpayer under the Internal Revenue Code, and/or (2) by any person to support the promotion or marketing of, or to recommend any Federal tax transaction or matter addressed herein.

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