Call Us 661-266-9390 ☰ ˟
Logo
Call Us 661-266-9390 24/7 Online Certificate Access
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Our Location
      • Our Partners
    • News
    • Get A Quote
    • Our Providers
    • Contact UsImage of right arrow
      • Palmdale - Main Office
  • Products
    • Home & Auto Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Diminishing Deductible
      • Roadside Assistance
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
      • Data Backup
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Individual & Family Health Insurance
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Insurance
      • Medical Expense Insurance
      • Child Health Insurance
      • Travel Health Insurance
      • Prescription Insurance
      • HSAs
    • Additional Insurance ServicesImage of right arrow
      • Special Event Insurance
      • Other Services
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Apartment Owners Insurance
      • Artisans and General Contractors Insurance Programs
      • Auto Garage Insurance Packages
      • Construction Insurance
      • Fire Water Restoration Contractors Insurance Programs
      • Plumbers and HVAC Contractors Insurance Programs
      • Consulting Firm Insurance
      • Specialty Trade Contractors Insurance
      • Security Guard Service Company
      • Healthcare Facility Insurance
      • Law Firm Insurance
      • Lead-Paint Based Insurance
      • Life Science Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Wholesalers & Distributors Insurance
    • Coverage for Your BusinessImage of right arrow
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • General Liability Insurance
      • Inland Marine Insurance
      • Professional Liability
      • Workers Compensation
      • Bonds
      • Fidelity Bonds
      • Surety Bonds
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Bond Request Form
    • Commercial Auto Insurance Quote
    • General Liability Insurance Quote
    • Life Insurance Quote
    • Property / Inland Marine Insurance Quote
    • Workers Compensation Insurance Quote
  • Resources
    • Refer a friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About
    • Our Location
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from Driscoll & Driscoll 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 Driscoll & Driscoll 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

Contact us
661-266-9390 41235 11th Street West, Ste. B | Palmdale, CA 93551
Quick Links
Home Our Products Payment Options Report a Claim About Us Our Carriers Partners Blog Contact Us
Location
41235 11th Street West, Ste.B
Palmdale, CA 93551
P: 661-266-9390
F: 661-266-9391
info@driscollanddriscoll.com



Facebook Icon LinkedIn Icon Yelp Icon Yelp Icon Google Icon


© Copyright. All rights reserved.
Powered by Insurance Website Builder