Insurance Terms - O
occupational disease (OD) - (any abnormal condition or disorder, other than one resulting from an injury, that is caused by exposure to environmental factors associated with employment, including acute and chronic illnesses or diseases caused by inhalation, absorption, ingestion, or direct contact)
Occupational Safety and Health Act (OSHA) - (1970 legislation which authorized the U.S. Department of Labor to enforce federal standards for workplace safety)
Occupational Safety and Health Administration (OSHA) - (federal agency, within the Department of Labor (DOL), with responsibility for enforcing federal standards for workplace safety)
Office of Foreign Assets Control of the U.S. Treasury (OFAC) - (agency within the Treasury Department that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted individuals and entities, such as foreign countries, regimes, and terrorist organizations)
Office of Motor Carrier Standards (OMCS) - (interim agency that dealt with interstate transportation issues between the abolishment of the Interstate Commerce Commission (ICC) in 1996 and the establishment of the Federal Motor Carrier Safety Administration (FMCSA) in 2000)
Old Age Assistance (OAA) - (In a general sense, any form of public assistance for individuals above a certain age.)
Old Age, Survivors, Disability, and Health Insurance (OASDHI) - (federal social insurance program created by the Social Security Act of 1935 that provides monthly benefits to qualified retirees, their dependents, their survivors, and in some cases, disabled workers, funded by payroll taxes)
Omnibus Budget Reconciliation Act (OBRA) - (federal law that extended the minimum COBRA continuation of group health care coverage from 18 to 29 months for qualified beneficiaries who were disabled at the time of qualification)
operating cash flow (OCF) - (indication of the rate at which investment and underwriting operations generate cash that can then be used to fund various company activities such as dividend payments and new investments)
operating information system (OIS) -
operational risk financing securities (ORFS) - (a debit or credit instrument designed to provide liquidity or income to offset changes in cash flows resulting from an occurrence relating to an entity's operations)
operational risk management (ORM) - (application of the risk management process to operational risk)
operations and maintenance programs (O&M) -
operators extra expense insurance (OEE) - (a specialized insurance policy available to oil or gas well operatorss that covers the cost of regaining control of a wild well)
Organization for Economic Cooperation and Development (OECD) - (international organization that encourages economic growth, high employment, and financial stability among its members)
Organized Flying Adjusters (OFA) -
original gross premium (OGP) - (premium written for the entire risk - this is not necessarily the same as gross written premium (GWP), which may include the costs of reinsurance)
other-than-collision coverage (OTC) - (insurance coverage available under a personal auto policy (PAP) that provides a form of "all risks" protection for damage to a covered auto from perils other than collision - sometimes referred to as "comprehensive" coverage )
out of area (OOA) - (in the medical insurance area, treatment given to a member outside of the normal area)
outage insurance (OI) -
Outer Continental Shelf Lands Act of 1953 (OCSLA) - (federal legislation which extended the benefits of the Longshore and Harbor Workers' Compensation Act (LHWCA) to workers injured or killed working on fixed structures (e.g., oil well platforms) that are permanently attached to the Outer Continental Shelf for the purpose of natural resource exploration development)
outstanding claims account (OCA) -
outstanding loss reserves (OSLR) - (in the area of captives (insurance companies created or controlled by a company), those claims that have been reported to the captive, but are not settled - as a result the final cost is not yet known)
over-the-counter drugs (OTC) - (drugs that can be purchased without a prescription)
Overseas Private Investment Corporation (OPIC) - (independent federal agency created by the Foreign Assistance Act of 1961 and extended by a 1969 reauthorization, which insures, guarantees, and finances private investments in developing countries)
owners and contractors protective insurance liability coverage (OCP) - (insurance which covers bodily injury (BI) and property damage (PD) liability arising out of an independent contractor's operations for another party)
owner controlled insurance program (OCIP) - (an owner controlled centralized insurance program under which one party (the owner) procures insurance on behalf of all (or most) parties performing work on a project or site)
Owners, Landlords, and Tenants Liability Policy (OL&T) - (coverage for bodily injury and property damage liability resulting from the ownership, use, and/or maintenance of an insured business's premises as well as operations by the business anywhere in the U.S. or Canada - now obsolete liability policy for businesses whose primary liability related to the use of a business premises - replaced by the commercial general liability (CGL) policy)
owners protective professional indemnity (OPPI) -