The total amount of payroll expenses for all the employees of an insured business. This does not include payroll for executives, contract employees, officers of the company, and department managers. This amount may or may not be included in a business insurance form.
Insurance Encyclopedia
Ordinary register (Life Insurance)
A record book that is kept by an agency or insurer that lists data on the ordinary policies in an agent’s account.
Ordinary Share
A share in the capital of a company which gives the holder a right to share in the distribution of its profits and in the residue of the company’s assets after it has paid its creditors and preference shareholders whatever is due to them.
Organisational liability
A broad form of cover with high attachment points for financial businesses such as banks. It covers liability for losses whether arising from professional services or not, unless excluded. The burden is on the insurer to show that an exclusion applies. The exposures include, inter alia, sales practices; anti-competitive practices/price fixing; discrimination; contractual interference; punitive and multiple damages (catastrophe basis); Internet liability. The basket of cover follows the operational risk insurance.
Original Conditions
A term used in both treaty and facultative reinsurance which incorporates by reference all of the terms (as well as amendments, modifications, alteration, and waivers) of the original policy written by the insurer that are not modified in the reinsurance contract, i.e., the location of the property and the rate, among others.
Original Conditions Clause
A provision in a reinsurance agreement which incorporates by reference all of the terms (as well as amendments, modifications, alterations and waivers) of the original policy written by the ceding company that are not otherwise addressed in the reinsurance agreement. See also Follow the Fortunes.
Original Cost
The actual payment for a property by its present owner or the actual cost at the time the building was first constructed and placed into service.
Original Cost / Original Cost Value
Original cost is the money paid for acquisition of the property.
Original Cost less Accounting Depreciation / Original Cost less Accounting Depreciation Value
Original cost less accounting depreciation without considering inflation and physical or technical depreciation.
Original Cover
The original slip used for placing an open cover.