Call Us 516-319-2214 ☰ ˟
Get A Free Quote
Seniors Health Plan Advisors
Call 516-319-2214

To speak with Tony Calvacca

Your local New York Licensed Agent

  • HOME
  • Medicare Basics
    • Medicare Basics Video
    • Original Medicare (Part A and Part B)
    • Medicare Supplement Insurance (Medigap Policy)
    • Medicare Advantage Plans
    • Medicare Prescription Drug Coverage (Part D)
    • Enrolling in Medicare
  • Medicare Services
    • Free Private Medicare Consultations
    • Free Medicare Insurance Price Quotes
    • Free Medicare Information By Phone
    • Free Medicare Information By First Class Mail
    • Services For Businesses
  • BLOG
  • About Us
    • About Us
    • Our Location
    • Testimonials
  • Contact
Original Medicare
Part A & B
MEDICARE
SUPPLEMENT PLANS
MEDICARE
ADVANTAGE PLANS
PRESCRIPTION
DRUG PLANS
ENROLLING
IN MEDICARE
Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from Seniors Health Plan Advisors.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Seniors Health Plan Advisors today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
OCCUPATIONAL DISEASE
Abnormal condition or illness caused by factors associated with the workplace. Like occupational injuries, this is covered by workers compensation policies.

OCCURRENCE POLICY
Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later.

OCEAN MARINE INSURANCE
Coverage of all types of vessels and watercraft, for property damage to the vessel and cargo, including such risks as piracy and the jettisoning of cargo to save the property of others. Coverage for marine-related liabilities. War is excluded from basic policies, but can be bought back.

OPEN COMPETITION STATES
States where insurance companies can set new rates without prior approval, although the state’s commissioner can disallow them if they are not reasonable and adequate or are discriminatory.

OPERATING EXPENSES
The cost of maintaining a business’s property, includes insurance, property taxes, utilities and rent, but excludes income tax, depreciation and other financing expenses.

OPTIONS
Contracts that allow, but do not oblige, the buying or selling of property or assets at a certain date at a set price.

ORDINANCE OR LAW COVERAGE
Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. This endorsement would cover part of the additional cost.

ORDINARY LIFE INSURANCE
A life insurance policy that remains in force for the policyholder’s lifetime.

ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM
Sheet metal auto parts made by the manufacturer of the vehicle.

OVER-THE-COUNTER (OTC)
Security that is not listed or traded on an exchange such as the New York Stock Exchange. Business in over-the-counter securities is conducted through dealers using electronic networks.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Facebook
Twitter
Google+
LinkedIn
Have Questions?
Get a Free Plan Review
How Can I Help You?

With a wide variety of Medicare plans to choose from it can be difficult to know if you are getting the best coverage for the lowest cost based on your needs. Fortunately, help is just a phone call away!

Contact Us
Resources
Original Medicare Part A & B
Medicare Supplement Plans
Medicare Advantage Plans
Prescription Drug Plans
Enrolling in Medicare
About Me
Blog
Testimonials
Contact Us
We serve All Counties in New York State. 150 Motor Parkway, Suite 401
Hauppauge, NY 11788

O: 516-319-2214
F: 866-783-3196
E: tony@seniorshealthplans.com

We do not offer every plan available in your area. Currently we represent 10 organizations which offer 60 products in your area.
Please contact medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

By submitting your contact information you acknowledge a licensed insurance agent may contact you by phone, email or mail to discuss Medicare Advantage Plans, Medicare Supplement Insurance or Prescription Drug Plans. Seniors Health Plan Advisors is not affiliated with the U.S. Government or the Federal Medicare Program.
© Copyright 2021. All rights reserved. Powered by Insurance Website Builder.