The policy is meant to provide payment of medical expenses in respect of illness suffered or accident sustained by the Indian Residents during their bonafide trips abroad for business and official purposes or holiday purpose. The accompanying spouse and children of the person who is going abroad will be treated as going under holiday travel. Foreign nationals working in India for Indian employers of multinational organization getting their salary in Indian Rupees, covering their official visits abroad provided they are undertaken on behalf of their employers. Policies are usually available for children above 6 months and adults up to 70 years. Cover beyond 70 years is permissible with loading of premium and/or restrictions of coverage at the discretion of insurer. Various Plans are available with different sum insureds under head Medical Expenses and Repatriation. Other benefits are more or less the same or slightly different. Policies may differ from Insurer to Insurer and for Insured Persons based on nature of travel and age-profile, such as Worldwide excluding USA/Canada or Worldwide including USA/Canada. A cheaper Plan is available for visiting Asian Countries excluding Japan. Plans are further divided into Business and Pleasure and Employment and Studies. Plans are available for Corporate Frequent Travellers and on Premium Deposit and Adjustment Basis subject to Declarations. The Plans usually cover Medical expenses and repatriation, personal accident, Loss of Checked Baggage, Delay of Checked baggage over 12 hours for outbound flights only, Reimbursement of actual expenses for obtaining a duplicate or fresh Passport in case of loss of Passport, Personal Liability, Highjack Distress Allowance and Hospital Daily Cash allowance and Trip Delay Allowance. Employment and Study Plans usually cover Medical expenses, Repatriation and alternative expenses – in case of death of insured person the actual expenses for preparation and transportation to India or funeral expenses incurred in the country of posting. In addition, Contingency Insurance is also applicable to sponsored students recompense benefits are paid to the sponsoring Institute in case of inability of student to complete his studies due to sickness, permanent total disablement or death.
Insurance Encyclopedia
Overseas Personal Liability
A public liability policy extension indemnifying any director or employee (including family members) of the insured during temporary visits anywhere in the world on the insured’s business. The extension applies to ‘off duty’ activities outside the scope of the main indemnity clause.
Oversight Clause
A provision in a reinsurance treaty that either party may correct a failure to comply with the agreement due to oversight or misunderstanding.
Overtime
When overtime is worked to merely expedite the repairs so that the owner may more speedily employ the ship, the excess cost is not recoverable from the insurer. However, where liners with advertised sailing dates are involved the insurer admits the overtime expenditure. ‘Liners’ means passenger and cargo vessels.
Overwriting
Where a syndicate exceeds its allocated capacity. Depending on the scale of the problem the managing agent of the syndicate may be required to cease underwriting some or all new business and the members may be required to make available additional funds at Lloyd’s to cover the overwriting.
Overwriting of premiums
Occurs where the volume of business written on behalf of a Lloyd’s member exceeds allocated premium limit. In response Lloyd’s demands additional security to back the additional risks underwritten. The increase may be the result of poor administration, a fall in exchange rates or coverholders writing larger volumes of business than expected under binding authorities.
Own branders
Suppliers who put their own name on the product and give the impression that they are producers. Such suppliers are producers’ for the purpose of the Consumer Protection Act 1987 and may be strictly liable for the damage as defined by the Act.
Own Case Agent (OCA)
Whose activities are limited to drawing commission on his own Insurances.
Own damage
A term used to describe loss or damage to the insured’s own vehicle under a motor insurance policy. An ‘own damage’ excess may apply under the ‘loss or damage’ section of the policy.
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In Motor insurance, damage to the insured’s own vehicle.
Own Occupation Rider
This rider guarantees benefits if the insured is unable to perform the “material and substantial” duties of the occupation held at the time the disability occurs. For example, if a surgeon loses his or her hand and can no longer perform surgery but can teach and consult, he or she will receive the total benefit amount. Without this rider, the insured’s benefits limited to the difference between the income prior to the disability and the income that can now be earned.