Additional premium imposed on an insured because his occupation is thought to render his insurance more hazardous.
Insurance Encyclopedia
Occupational hazard
A condition in an occupation that increases the peril of accident, sickness or health problem.
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A condition inherent to an occupation that augments the chance of sickness, accident, or death.
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
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Occupations which expose the insured to greater than normal physical danger by the very nature of the work, in which the insured is engaged, and the varying period of absence from the occupation, due to the disability, that can be expected.
Occupational Manual
A book listing occupational classification for various types of work.
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A book that lists classifications of occupations.
Occupational pension scheme
A scheme organised by an employer or on behalf of a group of employers to provide pension benefits for one or more employees on leaving service or on death or retirement. The scheme is run by trustees and can be contributory or non-contributory. Schemes are either defined benefit schemes or defined contribution scheme. See EXEMPT APPROVED SCHEMES.
Occupational Pensions Board (OPB)
Statutory body responsible for: issuing contracting out or appropriate scheme certificates for pension schemes that meet the necessary requirements; ensuring that guaranteed minimum pensions and protected rights are secure; and ensuring that equal access and preservation requirements are satisfied. OPB’s involvement extends to the enforcement of disclosure of information to scheme members and advising schemes as to the extent to which their rules comply with overriding legislation and advising schemes on certain rules regarding early leavers, etc.
Occupational Safety and Health Act
(OSHA) Passed in 1970, this law promulgated strict work-safety regulations, and set up the mechanism to enforce these rules through fines for violations and closure of unsafe plants.
Occupational Safety and Health Act (OSHA)
A federal statute that creates safety and health requirements nationwide. This act is enforced by the Labor Department, through safety inspectors, and keeps records of injury statistics.
Occupational split
A group insurance term indicating the occupational split of the company’s workforce, e.g. 30 per cent clerical, 70 per cent manual.
Occupier
The Occupiers’ Liability Act 1957 contains no official definition. The term, one of convenience, denotes a person who has a sufficient degree of control over premises to put him under the ‘common duty of care’ to lawful visitors. Control is the decisive factor and it is immaterial that the occupier has no interest in the land. The occupier’s control does not preclude others from being liable, e.g. repairing landlords (q.v). See COMMON DUTY OF CARE; OCCUPIERS’ LIABILITY ACT 1984.