Glossary
Organizational documents are the legal documents used to incorporate or form a company.
Read MoreOrganizational 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.
Read MoreOrganizing is the process of creating a structure that makes optimum use of the resources required to successfully achieve goals.
Read MoreOriginal age refers to the age of an insured on the inception date of a life insurance policy.
Read MoreOriginal 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.
Read MoreThe original gross premium (OGP) is the premium written for the entire risk.
Read MoreOstensible 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.
Read MoreOther-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.
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