Glossary

Organizational documents are the legal documents used to incorporate or form a company.

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.

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.

Original insurer is the insurer that issues the policy to the insured.

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.

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.

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.