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O

Information category or attribute supported by the ACORD standard, which defines or further refines captured information or content.
An item of equipment that is insured by a boiler and machinery policy.
Protection that a burglar alarm system can provide by detecting a burglar’s efforts to enter or steal specific objects such as safes, vaults, display cases, or works of art.
The prospect’s reaction caused by misunderstandings or a real disadvantage of products or services.
An advertising budgeting method that involves three steps: defining the advertising communication (media) objectives, determining the strategies needed to attain them, and estimating the costs associated with executing the strategies.
A local government’s qualified immunity from negligence lawsuits for actions that were reasonable under the circumstances.
The measurable variation in uncertain outcomes based on facts and data.
A measurement that determines the value of an insurance-related capital market product based on a parameter that is not within the control of the organization transferring the risk.
Short-term intentions necessary to achieve goals.
Integration of data, functions, and other computational objects by various methods of manipulating the data.
The party to a surety bond that receives the surety’s guarantee that the principal will fulfill an obligation or perform as promised.
A method of data collection based on observing a job or task and then recording the events systematically.
A disorder characterized by perfectionism and inflexibility; the person is preoccupied by details and procedures and rigidly expects things to be done his or her way.
The loss of value caused by changes in technology or fashion.
The type or character of use of the property in question.
Disease thought to be caused by work or the work environment.
An injury that arises from a worker's employment.
A medical specialty that focuses on social, economic, and administrative needs of the worker and the work community. Principles of medicine, medical care, and rehabilitation are applied to improve the worker’s interactions with the work community.
An act passed by Congress in 1970 to ensure every employee a safe place to work by setting safety standards for employers and imposing penalties for violation of the standards.
Group and individual services to maximize the independence of individuals with physical, behavioral, and cognitive impairments, through education and treatment.
In, upon, or getting in, on, out or off a vehicle.
In crime coverage, loss caused by one or more employees in a single act or through several acts.
An accident, including continuous or repeated exposure to substantially the same general harmful conditions.
Coverage that is triggered by the actual happening of bodily injury or property damage during the policy period.
A coverage form that covers bodily injury or property damage occurring during the policy period.
The event that triggers coverage under an occurrence coverage form: injury or damage that occurs during the policy period.
A limit for any one loss.
Insurance policy that provides coverage for occurrences that happen within the policy period even though the policy may have expired.
Insurance that covers vessels and their cargoes, including various vessel-related liability exposures.
A third party (middleman), such as a common carrier or freight forwarder, who supplies services relating to the international transportation of goods.
A new vehicle part that is made by the vehicle's original equipment manufacturer.
Risk associated with abnormal premium and reserve growth, investments in affiliates, and financial guarantees made on behalf of affiliates.
A promise that requires some action by the intended recipient to make an agreement.
The party to a contract who makes a promise or acts in return for something offered by another party.
The party to a contract who promises to give something in return for a promise or an act by another party.
A premium adjustment for an expired policy period based on estimates of an insured's exposure units.
A staff claim representative who spends virtually all of his or her time investigating and settling claims from within the insurer’s office.
A reinsurance treaty clause that allows the primary insurer and the reinsurer to offset balances due to each other.
A captive insurer domiciled outside the country in which the insured/parent is located.
A vessel designed primarily to move supplies such as drilling mud and pipe to offshore drilling rigs; may also serve as a tender to floating platforms to position anchors and stand by for emergencies.
U.S. statute that prohibits the discharge of oil into the navigable waters of the U.S., imposes liability on any "responsible party" for cleanup costs and damages, and establishes financial responsibility requirements for shipowners and other responsible parties.
A credit arrangement in which one party ships merchandise to another party that acts as the consignor's agent in selling the goods to others.
One hundred square feet of shingles.
Burdensome. An onerous contract provision would include obligations that outweigh the advantages of the contract for one party.
For ratemaking purposes, a calculation of the earned premium that would result if current rates had been in place for the entire experience period.
A factor that is used to adjust historical premiums to the current rate level.
Settlement forums that include arbitration and dispute resolution services for claims and virtual courts that are offered through the Internet. Many apply methods and techniques from traditional ADR.
A captive insurer domiciled in the country in which the insured/parent is located.
A continuing charge account under which the buyer settles with the seller at regular intervals, such as monthly.
A process in which advertisements are placed in insurance-related media or publications requesting bids from all intermediaries who meet certain qualifications.
A policy that covers all goods shipped or received by the insured during the policy’s term.
Policy that covers all goods shipped or received by the insured during the policy’s term; comparable to an inland marine annual trip transit policy, but without a set policy expiration date.
A type of insurance rate regulation that allows insurers to develop and use rates and supporting rules without having to file with or receive approval from the insurance regulator.
An insurance rating law that allows insurers to develop and use rates without having to file with or get approval from the state insurance department.
A system under which rates do not have to be filed with the state insurance department.
An open fracture, or a compound fracture, is a fracture where the skin has been punctured by the bone. Closed and open fractures should not be confused with closed and open reduction, which are methods of treating fractures.
An undertaking whose parties intend to disclose to others that a joint venture exists.
A method of placing insurance in which insurers decide whether to accept a particular submission before coverage is bound.
A type of policy or coverage that insures against direct physical loss unless the loss is excluded or limited by the policy.
A type of policy or coverage that insures against direct physical loss unless the loss is excluded or limited by the policy.
The act of using publicly available sources to find, select, and acquire information that can be analyzed to produce actionable intelligence.
See Noncancelable bond.
A fund in which new mutual fund shares are continuously offered for sale and the mutual fund itself will redeem any outstanding shares based on the current net asset value per share.
A question that seeks an answer that explains or elaborates on the circumstances under consideration.
A person's motion or posture suggesting a positive reaction or receptivity.
A measure of the ability to meet current obligations through internally generated funds.
Disbursements for assets that will be consumed in a relatively short period, usually within one year or a single accounting period.
The salaries and other expenses necessary for continuing business operation.
An income statement value that reflects income that results from the normal operations of the business during the period covered by the statement; calculated as the gross profit less selling, general, and administrative expenses.
The profit derived from continuing business operations.
The sum of underwriting profit or loss and investment profit or loss.
A ratio that measures an insurer's overall pretax operational profitability from underwriting and investment activities and is calculated by subtracting the investment income ratio from the combined ratio.
The software that manages a computer's essential functions and runs other programs and applications.
A change that occurs automatically or that is implied because of existing law.
Data needed to conduct the agency’s daily activities.
A phase in the life of a system when the system is implemented.
The exposure to liability for bodily injury or property damage resulting from the insured's business activities conducted away from its own premises.
The exposure to liability for bodily injury or property damage resulting from the insured's business activities conducted away from its own premises.
The exposure to liability for bodily injury or property damage resulting from the insured's ongoing business activities, as opposed to the insured’s completed operations.
The exposure to liability for bodily injury or property damage resulting from the insured's business activities conducted away from its own premises.
A healthcare provider’s conclusion, often supposition, that is based on a review of the medical data and the patient’s complaints.
The difference between the maximum profit that an investor could have made from an alternative investment and the profit the investor has actually made from the investment.
A characteristic in a database that ensures the most effective procedure and option are used to respond to queries.
The level of risk that is within an organization’s risk appetite.
An agreement that gives its holder the right, but not the obligation, to buy or sell an asset as a specific price over a period of time.
An agreement to keep an offer open for a stated period, supported by consideration.
A provision that gives the insured the option to elect a longer period of time to report claims made after policy expiration for events that occurred before policy expiration.
The insurer can change the rate or cancel the contract as long as it does so for all policies in that class.
Evidence that includes statements made by insureds, claimants, and witnesses, including expert witnesses.
Instructs the carrier to deliver the property to “the order of” the named consignee (used for overseas shipments)
The producer identifies a need, points out the need, and takes the order.
Endorsement that covers three types of losses resulting from the enforcement of building ordinances or laws: (1) the value of the undamaged portion of a building that must be demolished, (2) the cost to demolish the building’s undamaged portion and remove its debris, and (3) the increased cost to rebuild the property.
Endorsement that covers business income loss during the additional time required to comply with building ordinances or laws.
A series of equal periodic payments made at the end of each period.
A subclassification of joisted masonry construction that has exterior load-bearing walls of noncombustible materials with at least a one-hour fire-resistance rating.
Whole life insurance that requires periodic premiums until the insured dies or reaches age 100. (Also called straight life insurance.)
The entire payroll expense (including employee benefits, FICA payments, union dues paid by the employer, and workers compensation premiums) for all employees of the insured except officers, executives, department managers, and employees under contract.
Using the internal resources of a business to expand profit.
A graphical depiction of an organization's management structure.
The first meeting of a corporate board of directors, held to elect corporate officers, adopt bylaws, and take other actions to start corporate operations.

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