Preheader Home Page Get A Quote About Us Request a Certificate Contact Us

 

Header Auto Insurance Home Insurance Business Insurance Life & Health Insurance
 
Home > Glossary > O
BCBS
Progressive
MetLife
CNA
  • Main Menu
    • Home Page
    • File a Claim
    • Make a Payment
    • Refer a Friend
    • Insurance Glossary
    • View our Blog (1)
    • Location Map
    • Employee Directory
    • Contact Us
    • About Us
    • Privacy Policy
  • Automobile
    • Automobile Insurance Home
    • Auto Insurance Quote
  • Homeowners
    • Homeowners Insurance Home
    • Homeowners Insurance Quote
    • Manufactured Home Quote
  • Renters
    • Renters Insurance Home
    • Renters Insurance Quote
  • Motorcycle
    • Motorcycle Insurance Home
    • Motorcycle Insurance Quote
  • Business & Commercial
    • Business & Commercial Insurance Home
    • Commercial Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Builders Risk
  • Recreational Vehicle
    • Recreational Vehicle Insurance Home
    • Recreational Vehicle Insurance Quote
  • Watercraft & Boat
    • Watercraft & Boat Insurance Home
    • Watercraft Insurance Quote

Insurance Glossary

Insurance terms and definitions from Wesco Insurance Agency.


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 Wesco Insurance Agency 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.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

AgencyCommitted to Excellence

Wesco has been a locally owned member of the Yukon Community since 1959. We proudly serve Oklahoma City and the surrounding metropolitan area. We understand the value of superior customer service and building relationships with our clients. Our staff is committed to helping you build the insurance program that best fits your situation through the numerous companies that we represent. We are very committed to continuing our education of this ever changing industry so that we may continue to provide our clients with and unsurpassed level of customer service and coverage solutions. Our ultimate goal is for you to consider us not just your insurance agent, but as a member of your team representing your interests and money as though it was our own.

 
Footer
Get A Quote Find An Agent Locations
Home|Get A Quote|About|Customer Service|Claim|Contact


Mailing: PO Box 850300 | Yukon, OK 73085 | Physical: 420 Maple | Yukon, OK 73099 | Ph: (405) 354-5201 | Fx: (405) 350-6829
Powered by Insurance Website Builder

Social
Blog RSS Feed