A glossary of commonly used general insurance and risk management terms.
A B C D E F H I J L M N O P Q R S T U V W
OCCUPANCY – In insurance, this term refers to the type and character of the use of property in question.
OCCURRENCE – An event that results in an insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure, which results in bodily injury or property damage neither expected nor intended by the insured.