Glossary O 
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OASDHI Old age, survivors, disability, and health insurance (Social Security).

OSHA Occupational Safety and Health Act.

obligee In bonds this means the person protected by the bond. The obligee under a bond corresponds to the insured under an insurance policy.

obligor The person or entity required to perform on a debt or obligation. See principal.

occupancy This term refers to the type and character of the use of property in question; business enterprise at that specific location.

occupational accident An accident occurring in the course of one’s employment and caused by inherent or related hazards.

occupational disease Impairment of health caused by continued exposure to conditions inherent in a person’s occupation or a disease caused by an employment or resulting from the nature of an employment.

occupational hazard A condition in an occupation that increases the peril of accident, sickness or death.

occurrence An event that results in an insured loss. Coverage on an “occurrence” basis is generally considered to differ from coverage on an “accident” basis in that “occurrence” connotes gradual or accumulative damage without regard to exact time or place, whereas “accident” refers to instantaneous damage, unidentifiable as to time and place. In other words, “occurrence” may be defined as an event, or repeated exposure to conditions, that results in injury during the policy period.

other insurance clause A provision found in most policies stating how a loss will be handled in the event there is other insurance covering the same loss.