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Insurance Glossary
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There are 5 names in this directory beginning with the letter O.
Open policy
Provides cover for all risks of a certain type during a set period of time. The sum insured is then adjusted for the actual total sum insured. Commonly used for marine cargo policies and construction policies.

Operating statements
Details of revenues, expenses and profits for a specific accounting period.

Operative clause
The insuring clause of a policy document which sets out the cover provided under the policy.

Outstanding claims
The aggregate liabilities (total case reserves less amounts paid) faced by an insurer under lodged claims that at any point in time have not been finalised.

A term used to describe the condition that exists when an insured has purchased coverage for more than the actual value or replacement cost of a subject of insurance. It is also used to describe a situation where so much insurance has been obtained it constitutes a moral hazard.
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