Coral Financial Group Home Page Get A Quote About Us FAQ Contact Us

Coral Financial Group Auto Insurance Home Insurance Business Insurance Life Insurance Flood Insurance
Home > Glossary > O
Travelers
Progressive
Prepared
ASI
Foremost
Mercury
Universal
People's Trust
Bankers
Wright Flood
  • Main Menu
    • Home Page
    • File a Claim
    • Make a Payment
    • Refer a Friend
    • Join Our Newsletter
    • Important Links
    • Insurance Glossary
    • View our Blog (14)
    • Location Map
    • Employee Directory
    • Contact Us
    • About Us
    • Privacy Policy
  • Automobile
    • Automobile Insurance Home
    • Auto Quick Quote Sheet
    • Request an ID Card
    • Request a Declarations Page
    • Send a Copy of Your Policy to Your Leinholder
  • Homeowners
    • Homeowners Insurance Home
    • Home Quote Sheet
    • Declaration Page Request
    • Does your mortgage need proof of your insurance?
    • Condo Quote Sheet
    • Rental Property Quote Form
    • Apartment Contents Quote Form
    • Wind Only For Personal Lines Quote Request
  • Motorcycle
    • Motorcycle Insurance Home
    • Request a Motorcycle Quote
  • Business & Commercial
    • Business & Commercial Insurance Home
    • General Liability Quote Form
    • Request General Liability Certificate of Insurance
    • Commercial Auto Quote Sheet
    • Request a Certificate of Insurance
    • Workers Compensation Quote
    • Request a BOP Quote
    • Builders Risk Quote Form
  • Bonds
    • Bonds Home
    • Bond Quote Request
  • Recreational Vehicle
    • Recreational Vehicle Insurance Home
    • Recreational Vehicle Insurance Quote
  • Life
    • Life Insurance Home
    • Life Quote Form
  • Flood
    • Flood Insurance Home
    • Flood Quote Request
    • Flood Declaration Page Request for Existing Customers
    • Does your mortgage company need proof of your flood insurance?

Insurance Glossary

Insurance terms and definitions from Coral Financial Group Inc.


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 Coral Financial Group Inc. 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

Coral Financial Group EmployeesWe are here to help!

The Coral Financial team is here to help with any and all of your insurance needs. Combined, our agency has over 40 years of insurance knowledge in personal to commercial lines of business.

We look forward to assisting you, your family and your friends with any of your insurance needs. Please do not hesitate to contact us, we look forward to speaking with you.

 
Coral Financial Group
Get A Quote Find An Agent Locations
Home|Get A Quote|About|Customer Service|Claim|Partners|Contact


Coral Financial Group
9764 W Sample Rd| Coral Springs, FL 33065
Ph: 954.345.2600| Fx: 954.345.2614
Powered by Insurance Website Builder
Social

Facebook