Insurance Glossary
Insurance terms and definitions from W. M. Jones & Company.
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 W. M. Jones & Company today to learn more.
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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*****Important FEMA Information********
Homeowners.... You must go through your insurance company first.....FEMA comes in behind your insurance for further possible assistance...
You must register 1-800-621-3362 If you lost income because you can't go to work... Call FEMA 1-800-621-3362 and register for disaster unemployment If your vehicle flooded out in the storm....
You'll need to have liability coverage on your vehicle at the time of the disaster, your title and registration for FEMA (1800-621-3362) to pay.
If you have full coverage you must file with your insurance company first.
If you're under mandatory evacuation... Call FEMA and register... You will get up to 2 months of rental assistance at the fair market value of your area.
If you have bills you are behind in or if you have some coming due you can call them EVERY COMPANY is pushing back due dates & some are even credited full months of service if you're in Houston or surrounding areas.
Call your light companies, phone companies, cable companies, etc and ask them for extensions to give yourself time to come back from this disaster!! |