This act makes the Longshore and Harbor Workers Compensation Act apply to work involving the development of the natural resources of the outer continental shelf. A special endorsement, the Outer Continental Shelf Lands Act Coverage Endorsement, amends workers compensation policies to provide coverage for this exposure.
Insurance Encyclopedia
Outline of coverage (Health Insurance/Life Insurance)
A short explanation of benefits, coverage, exclusions, and premiums that is given to an applicant for insurance. This serves only as a summary and does not exclude all of the information the policy contract does.
Outpatient (Health Insurance)
A patient who does not reside in or have a bed in the hospital where he or she receives treatment.
Outpatient Coverage for Health Insurance
Usually the Hospitalization indemnity products provide for reimbursement of expenses on hospitalization for minimum 24 hours. Now the Outpatient coverage is included in some form as part of the health insurance products through the efforts are still in the early stages.
Outside Positions or Outside Directorship or ODL Coverage
An extension of coverage available from most D&O insurers for claims against directors and officers in their capacity as a director, officer or employee of another organization if the director or officer is serving in that outside position at the request of the insured company. Depending upon the specific provision purchased, this extension of coverage may apply to any outside position held by any insured director or officer, to only outside positions in non-profit entities, or to only outside positions in specifically scheduled outside entities. Outside position coverage typically applies only to the extent the director’s or officer’s loss is in excess of any insurance and indemnification available from the outside entity (i.e., double excess). Depending upon the ODL provision, the coverage may also be in excess of any indemnification available from the insured company (i.e., triple excess).
Outstanding Cash Advance (“O.C.A.”)
A method of funding by the reinsurer using a cash advance in connection with a securitization provision contained in a reinsurance agreement requiring the reinsurer to secure its outstanding obligations under the agreement as of a particular point in time. The cash advance is held by the company in trust for the reinsurer in an interest bearing account or invested by the company in acceptable securities. The amount of the cash advance is subject to adjustment at given intervals as the reinsurer’s obligations change, as defined in the securitization provision. Generally, should the reinsurer fail to perform its payment obligations under the reinsurance agreement, the company may utilize the outstanding cash advance to meet such obligations. Also see Trust and Unauthorized Reinsurance.
Outstanding Claims Advance
A reinsurance treaty may provide that if claims payable by the reinsurer exceed the reserve held by the original insurer for the payment of claims the reinsurer shall make an immediate payment, or advance, without waiting for the claims to appear in the periodic statements.
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UK: A payment made under a reinsurance contract or treaty whereby an advance payment is made in respect of outstanding claims that will come into account in a subsequent periodic settlement when the actual claim amount has been determined.
Outstanding Claims Portfolio
An amount payable by a cedent to a reinsurer in consideration of the reinsurer accepting liability arising under a contract of reinsurance in respect of reinsurance claims incurred and arising prior to a fixed date.
Outstanding claims reserve
An amount reserved based on the estimated amount needed to meet incurred claims that have not yet been finally settled.
Outstanding Claims Reserves (OCR)
Funds put aside by Insurers to cover claims that have been incurred but not yet paid. It can be interpreted in at least two different ways so care is needed. For example, (01) To include only claims that have been reported; in this case the provision may be called the Reserve for Notified (or Reported) Outstanding Claims. (02) To include all claims not yet settled, i.e., including IBNR, IBNER, re-opened claims and future claim expenses.