Obligee: Broadly, anyone in whose favor an obligation runs. This term is most frequently
used in surety bonds, where it refers to the person, firm or corporation protected by the
Obligor: Commonly called principal; one bound by an obligation. Under a bond, strictly
speaking, both the principal and the surety are obligors.
Occupancy: In insurance, this term refers to the type and character of the use of property
Occurrence Coverage: A policy providing liability coverage only for injury or loss that occurs
during the policy period, regardless of when the claim is actually made.
Out-of-pocket: The cost that is not covered by the insurance company that the insured
must pay for himself. Examples include deductibles and co-insurance.
The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
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