• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
Call Us CALL US TODAY | 1-888-945-1495
Home
  • Home
  • Get a Quote
  • Customer Service
  • Blog
  • Insurance Options
    • Business Insurance
    • Workers Compensation
    • Farm Insurance
    • Life Insurance
    • Home Insurance
    • Auto Insurance
  • Resources
    • Secure Area
    • Make a Payment
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
  • About Us
    • About ISE Insurance Services
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Business Insurance BUSINESS

Business Insurance to fit your specific needs. Industry specific programs at the lowest possible premium 

Read More
Workers Compensation Insurance WORKERS COMPENSATION

We do workers compensation better - lower prices, more carriers & free X-mod management.

Read More
Farm Insurance FARM

The State of California is built on Agriculture - Rancher, Grower, Processor, Distributor - We have a solution for you.

Read More
Life Insurance LIFE

Life Insurance - We can custom create insurance solutions for those problems no-one wants to talk about.

Read More
Homeowners Insurance HOME

Get coverage to help pay for repairs, replacement costs and living expenses if something happens to your home.

Read More

 

Auto Insurance AUTO

All auto policies ARE NOT the same - Give us the opportunity to match your needs with the best carrier.

Read More

 

Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from ISE Insurance Services.


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 ISE Insurance Services 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

Facebook
LinkedIn
Google+
Blog
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Twitter Logo
Tweets by BusInsMagazine

Resources

Home About Us Get a Quote Customer Service Refer A Friend Contact Us

Contact Us

  • Mailing Address
  • PO Box 30686
  • Stockton, CA 95213
  • O: (888) 945-1495
  • F: (888) 333-9712
  • E: info@iseinsurance.com
  • California License #0G71702
© Copyright. All rights reserved.
Powered by Insurance Website Builder