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  • Offer and Acceptance

    One of the essential elements for a contract to be legally valid. Applicable for insurance contracts also. A contract is completed by one partys acceptance of an offer made by the other party
  • Offer

    Manifestation of willingness to enter into an agreement. 
  • Off Duty Covers

    Personal Accident insurance cover issued to a person for the restricted hours when he is not at work and/or not on official duty. Normally premium charged for this policy will be 50% of the premium charged for a 24 hours cover.
  • Occurrence Limit

    Maximum liability of the insurer in respect of all claims arising out of occurrence of one event.
  • Occurrence Basis Policy

    A Liability insurance policy that covers claims arising out of events that occurs during the policy period, regardless of when the claim is filed.
  • Occurrence

    Event that results in bodily injury and/or property damage to a third party. As regards liability insurance policies all claims for bodily injury or property damage in relation to different third parties that would have arisen out of one event would be treated cumulatively for application of insurer's maximum liability in respect of any one occurrence.
  • Occupational Hazards

    Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
  • Occupational Disease

    Disease contracted arising out of employment related exposures and conditions. Workmen's Compensation insurance policy provides cover against occupational diseases.
  • Obsolescence

    Process by which property becomes useless, not because of physical deterioration, but because of changes outside the property, notably scientific or technological advances.