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Glossary


Before a contract is executed, the party making an offer to enter into a contract is known as the offeror.

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Offer of judgment is a legal strategy sometimes used in managing and settling employment-related litigation.

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Office burglary and robbery is commercial crime coverage plan 5 of the Insurance Services Office, Inc. (ISO), portfolio that provides coverge for certain types of robbery and safe burglary as well as premises theft and robbery outside the premises.

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Office of Motor Carrier Standards was an interim agency that dealt with interstate transportation between abolishment of the Interstate Commerce Commission (ICC) and establishment of the Federal Motor Carrier Safety Administration (FMCSA).

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The office sharing exclusion is an exclusion found in lawyers professional liability insurance policy forms.

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An offset clause is a provision in reinsurance agreements that permits each party to net amounts due against those payable before making payment.

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Offset (setoff) is the reduction of the amount owed by one party to a second party by crediting the first party with amounts owed it by the second party.

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An offshore captive is a special purpose insurance company domiciled outside the country where the insured risk is located.

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Of counsel is an attorney who is not a partner, associate, shareholder, or member of a firm but who is associated with or has some sort of a close and continuing relationship with the firm.

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An old line insurance company is a nonfraternal life insurance company that operates on a legal reserve basis.

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