Definition and meaning of Overhead Insurance :

Overhead Insurance: A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Overhead Expense Insurance :

Overhead Expense Insurance: A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Over-the Counter Market :

Over-the Counter Market: A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Own Occupation :

Own Occupation: Definition of disabiliy under which a person is considered disabled if he or she is unable to do the major duties of his or her own job.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Paid-up Insurance :

Paid-up Insurance: Insurance on which all required premiums have been paid. The term is frequently used to mean the reduced paid-up insurance available as a nonforfeiture option.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Package Policy :

Package Policy: A combination of two or more individual polices or coverages into a single policy. A homeowners policy, for example, is a package combining property, liability and theft coverages for the homeowner.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Ordinary Life Insurance :

Ordinary Life Insurance: Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Ordinary Life :

Ordinary Life: Synonymous With Whole Life and Straight Life: The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Occurrence policy :

Occurrence policy: A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Occurrence :

Occurrence: An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Ocean Marine Insurance :

Ocean Marine Insurance: Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Ocean Marine Insurance :

Ocean Marine Insurance: Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Optionally Renewable Contract :

Optionally Renewable Contract: A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Operating Ratio :

Operating Ratio: The sum of expenses and losses expressed as a percent of earned premium.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Paramedical Examination :

Paramedical Examination: Physical examination of an applicant by a trained person other than a physician.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Partial Disability :

Partial Disability: The result of an illness or injury which prevents an insured from performing one or more of the functions of his/her regular job.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Peril :

Peril: The cause of a possible loss, such as fire, windstorm, theft, explosion, or riot.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Peril :

Peril: The cause of a loss insured against in a policy.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Permanent Life Insurance :

Permanent Life Insurance: A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Persistency :

Persistency: A term used to refer to the length of time insurance remains continuously in force.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Personal Articles Floater :

Personal Articles Floater: A form of coverage designed to meet the needs for insurance on property of a moveable nature. The coverage usually protects against all physical loss, subject to special exclusions and conditions. Examples of property covered include jewelry, furs, silverware, fine arts.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Persistency :

Persistency: The degree to which policies stay in force through the continued payment of renewal premiums.

(Source: The Haskayne School of Business at the University of Calgary )

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