Glossary

Outside directors are members of a corporate board of directors who are not employees of the corporation or otherwise affiliated with it.

Outside directorship liability coverage refers to the coverage provided by directors and officers (D&O) liability policies for service on boards of directors outside the insured firm.

Outstanding losses are losses that have been reported to the insurer but are still in the process of settlement.

Outstanding premiums are premiums due but not yet collected by the insurer.

Out of employment is a phrase describing injuries or illnesses that arise from risks that are peculiar to and characteristic of employment.

An over-line is an amount of insurance or reinsurance that exceeds an insurer's or reinsurer's normal capacity.

The overall operating ratio is a ratio to show the insurer's pre-income tax profitability, taking into account investment income.

Overhead expense insurance refers to a form of health insurance that pays the overhead expenses of a business owner in the event of disability, such as rent, utilities, and employee salaries.

Overinsurance is an amount that is in excess of the insured object's fair or reasonable value.

Overlapping insurance is coverage from two or more policies or insurers that duplicates coverage for certain hazards in whole or in part.