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Objective Value

The actual value measured in dollars of an aspect of construction or location.


In bonds, the party to whom the principal makes the promise, and for whose protection the bond is being written.


Type and character of the use of property in question.

Occupational Accident

Impairment of health caused by accident related to conditions inherent in a person’s occupation or resulting from the nature of an employment.

Occupational Disease

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

Ocean Marine Insurance

Marine insurance designed to provide broad coverage for cargo and ships in transit over sea. Includes Cargo insurance, Hull insurance, and Liability coverage (Protection and Indemnity).

Offer and Acceptance

Two essential components of a valid contract, a meeting of the minds.

One-Year Term Dividend Option

A dividend option under which the insured has the company purchase one-year Term insurance with the dividend. For example, your dividend is $100, which you could have taken as cash. Instead, you have the insurer use the money to buy you an additional one year term policy at your current age. If you die in the term, your beneficiary will receive the proceeds of your Life policy PLUS the face amount of the one year term policy. At the end of the year, the term policy expires.

Open End Mortgage

A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

Open Listing

A listing contract under which the broker’s commission is contingent on the broker’s producing a ready, willing and able buyer before the property is sold by the seller or another broker.

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