OASDHI Old age, survivors, disability, and health
insurance (Social Security).
OSHA Occupational Safety and Health Act.
obligee In bonds this means the person protected
by the bond. The obligee under a bond corresponds to the insured under an
insurance policy.
obligor The person or entity required to perform
on a debt or obligation. See principal.
occupancy This term refers to the type and
character of the use of property in question; business enterprise at that
specific location.
occupational accident An accident
occurring in the course of one’s employment and caused by inherent or related
hazards.
occupational disease Impairment
of health caused by continued exposure to conditions inherent in a person’s
occupation or a disease caused by an employment or resulting from the nature
of an employment.
occupational hazard A condition
in an occupation that increases the peril of accident, sickness or death.
occurrence An event that results in an insured
loss. Coverage on an “occurrence” basis is generally considered to differ
from coverage on an “accident” basis in that “occurrence” connotes gradual
or accumulative damage without regard to exact time or place, whereas “accident”
refers to instantaneous damage, unidentifiable as to time and place. In other
words, “occurrence” may be defined as an event, or repeated exposure to conditions,
that results in injury during the policy period.
other insurance clause A provision
found in most policies stating how a loss will be handled in the event there
is other insurance covering the same loss.
