Glossary

Organizational documents are the legal documents used to incorporate or form a company. In the United States, they will include articles of incorporation and bylaws. In domiciles operating under English law, the same documents may be called "memorandum of association" and "articles of association," or, collectively, the "corporate charter."

Organizational risk includes the business, treasury, and pure risks of an organization (i.e., all exposures, hazards, and perils, whether traditionally the subject of insurance or not), which collectively create uncertainty as to the financial outcome of an enterprise.

Organizing is the process of creating a structure that makes optimum use of the resources required to successfully achieve goals. It is one of the four functions of the management process.

Original age refers to the age of an insured on the inception date of a life insurance policy.

Original age conversion refers to the conversion of a term life insurance policy to a permanent life insurance policy at a premium rate, based on the insured's age when the original term policy was purchased.

The original gross premium (OGP) is the premium written for the entire risk. May include excess premium not subject to an excess of loss reinsurance agreement; therefore, is not necessarily the same as gross written premium (GWP).

Original insurer is the insurer that issues the policy to the insured. In reinsurance transactions, one party, the "reinsurer," in consideration of a premium paid to it, agrees to indemnify another party, the "reinsured," for part or all of the liability assumed by the reinsured under a policy of insurance that it has issued. The reinsured may also be referred to as the "original" or "primary" insurer or the "ceding company."

Ostensible agency liability refers to certain powers granted to an agent that the public has come to expect the agent to possess even if a principal has not actually granted such powers. In a medical professional liability context, the ostensible agency liability doctrine is often used to hold hospitals liable for the acts of independent contractor physicians who work in emergency and operating rooms. There are two reasons for this approach. First, a hospital environment creates a likelihood that patients will look to the institution rather than the individual physicians for care. Second, in many situations, a hospital presents a physician as its employee.

An osteopath is a doctor who has graduated from an osteopathic medical school and received a doctor of osteopathy (DO), while a doctor of medicine (MD) has graduated from a conventional medical school. Individuals with a DO degree have the same rights, privileges, and responsibilities as physicians with an MD degree. Both MDs and DOs must complete residency training in their chosen specialties, and both must pass the same licensing examinations. Osteopathy shares many of the same goals as traditional medicine but places greater emphasis on the relationship between the organs and the musculoskeletal system as well as on treating the whole individual rather than just the disease.

Other-than-collision (OTC) coverage is available under the personal auto policy (PAP). OTC coverage provides a form of "all risks" protection for damage to a covered auto from perils other than collision. Losses include but are not limited to fire, theft or larceny, explosion or earthquake, windstorm, hail, water, flood, malicious mischief, vandalism, riot, contact with an animal, and glass breakage.