Non-Admitted Company (USA)
A non-admitted company, also known as a non-licensed insurer or a surplus lines insurer, is an insurance company that is not licensed to do business in a particular state or jurisdiction.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Non-Participating Policy
A non-participating policy is a type of life insurance policy that does not pay dividends to policyholders.
Non-payment Cancellation
Non-payment cancellation refers to the termination of an insurance policy due to the policyholder’s failure to pay the required premiums.
Non-Renewal
The termination of an insurance policy at the end of its term.
Occupancy
The type and purpose of use of a building or property.
Occurrence
In insurance, an occurrence refers to an event or series of events that result in covered losses.
Occurrence Form
An occurrence form, in the context of insurance, typically refers to an “occurrence-based” liability insurance policy.
Ocean Marine Insurance
Ocean marine insurance is a type of insurance that provides coverage for the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Open Policy- Transit Insurance
An open policy, also known as an open cover or floating policy, is a type of insurance policy that provides ongoing coverage for multiple shipments or risks over a specified period.
Out of Sequence
“Out of sequence,” in the context of insurance, typically refers to a situation where insurance claims are not processed in the chronological order in which the related events occurred.
Paid-up Policy
A life insurance policy on which no further premium payments are required but which still provides a death benefit.
Paramedical Report
A paramedical report is a detailed medical report compiled by a paramedical professional, such as a nurse or medical technician, as part of the insurance underwriting process.