Call Us 8444945487 Español ☰ ˟
Logo
phone icon

Let's Talk

(844) 494-5487

Español
  • HOME
  • Products
    • Auto
    • Homeowners
    • Business & CommercialImage of right arrow
      • Commercial Auto
      • General Liability
      • Workers Compensation
    • Life
    • Cyber Liability
    • Farm
    • Financial Services
    • Flood
    • General Liability
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Boat
  • GET A QUOTE
    • Automobile
    • Business & Commercial Image of right arrow
      • Commercial Auto Insurance Quote
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
    • Cyber Liability
    • Farm
    • Financial Services
    • Flood
    • General Liability
    • Homeowners
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
  • BLOG
  • RESOURCES
    • Refer a Friend
    • Our Carriers
    • Frequently Asked Questions
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact
Auto and Home Icon

Auto

Receive the guidance of a local insurance agent with the convenience of an online Auto Insurance quote.

Quote Now Learn More
Business Icon

Home

Protecting your most valuable assets with the help of local agents

Quote Now Learn More
Life and Health Icon

Life

Find out which policy will help protect your family even after your gone.

Quote Now Learn More
RV and Boat Icon

Business

When it comes to your business, you need the best protection for the best price!

Quote Now Learn More
Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from Wilgus Insurance Agency Inc.


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 Wilgus Insurance Agency Inc. 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 Today!
844-494-5487

Social Social Social Social Social Social

Resources

Get a Quote
Payment / Claims
About Us
Refer A Friend
Our Carriers
Blog
Contact Us

Locations

Salisbury

1203 Pemberton Dr.
Salisbury, MD 21801

Ph: (410) 742-8240

Millsboro

400 Delaware Ave 103
Millsboro , DE 19966

Ph: (302) 934-1502

Delmar

10977 State St. 1
Delmar, DE 19940

Ph: (302) 846-3113

Seaford

22937 Sussex Hwy.
Seaford, DE 19973

Ph: (302) 629-5140

Raleigh

Raleigh, NC 27603
Ph: (410) 742-8240
© Copyright. All rights reserved. | Powered by Insurance Website Builder