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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

O

OCCASIONAL DRIVER

An operator, who is not the principal operator but will occasionally operate the vehicle (such as a son or daughter of the insured).

OCCUPANCY

In insurance, this term refers to the type and character of the use of property in question.

OCCURRENCE

An event that results in an insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure, which results in bodily injury or property damage neither expected nor intended by the insured.

OUTBOARD MOTOR

Motor attached to the outside of a boat.

OVERINSURANCE

Insurance amount that is greater than the full value of the insured property. Also referred to as Pyramiding.

OVERTURNING

Overturning of a motor vehicle.

OWNER

Person who owns property.

OWNER OCCUPANT, HOMEOWNER

Person who owns a dwelling and resides there permanently.

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