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Glosary of Life Insurance Terms

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O
Occupational Hazard
A condition in an occupation that increases the peril of accident, sickness, or death.
Old Line
A term without a precise meaning but generally applied to nonfraternal insurers operating on a legal reserve basis. The origin of the term is in doubt but it seems to have come into use at the time of the competition between the "new" fraternal insurers and the commercial insurers to indicate the fact that the fraternals were "newcomers."
Open Debit
A Life and Health Insurance debit (territory) currently without an agent.
Option
A choice of methods of receiving policy dividends, nonforfeiture values, death benefits, or cash values.
Optional Modes of Settlement
The different options from which the beneficiary can choose to receive the proceeds from a Life Insurance Policy.
Ordinary Agency
A Life Insurance agency handling only Ordinary Life. See also Ordinary Life Insurance.
Ordinary Life Policy
A Whole Life policy for which premiums are paid continuously as long as the insured lives. Same as Straight Life Policy. See also Whole Life Insurance.
Ordinary Register
The record book in a combination insurer or agency containing data on the ordinary policies in an agent's account.
Ownership
All rights, benefits and privileges under life insurance policies are controlled by their owners. Policy owners may or may not be the insureds. Ownership may be assigned or transferred by written request of the current owner.
Ownership Provision
A provision that a policy may be owned by someone other than the insured.

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