In general, a condition affecting the desirability of property policies. Properties that are unoccupied are more susceptible to theft, vandalism, and other losses. A property that is unoccupied has furnishings, appliances etc., just no human occupants.
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The type and character of the use of property. It plays a very important part in computing rates in determining the acceptance or rejection of risks.
Insurance Encyclopedia
Occupancy (Property Insurance)
The use of a property. A property’s use can affect the rate assigned to the policy.
Occupancy Permit
An endorsement on an Insurance Policy permitting occupancy which might otherwise suspend the contract or make it invalid.
Occupation
Occupation means vocation, profession, trade or calling in which the insured is engaged for reward or profit. Where there is an exclusion relating to particular occupations in a health or accident policy this does not preclude the insured from carrying out acts or duties connected with the ordinary daily acts associated with occupations in general. Occasional acts do not amount to an occupation (Berliners v. Travelers Insurance Co. (1898)). See DISABILITY.
Occupational accident
An accident caused by a person’s employment, or that takes place while doing one’s job.
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An accident occurring in the course of one’s employment and cause by inherent or related hazards.
Occupational classes
A method of rating whereby the usual premium is based on the insured’s occupation. This is underwriting by occupation, and is used in personal accident insurance where as many as five occupational classes segment risks according to the degree of hazard present in the occupation. Extra-hazardous occupation calls for special consideration. Occupational underwriting lies at the heart of many insurance schemes, e.g. motor insurance for civil servants.
Occupational Classification
A group of occupations for the purpose of rating, e.g., Personal Accident insurances.
Occupational deafness
An industrial disease caused by noise exposure. It is an insidious disease affecting the inner ear. Many workers are exposed to this risk and years may pass before they become aware of the situation. The disease’s long-tail potential has serious implications for employers’ liability insurers. The disease is incurable but preventable and has attracted attention from the legislators through the Noise at Work Regulations 1998.
Occupational Disease
An injury arising out of employment and due to causes and characteristics of, and peculiar to, the particular trade, occupation, process or employment, and excluding all ordinary diseases to which the general public is exposed. Examples include psittacosis, mercury poisoning, dust collection in the lungs, and the like.
Occupational disease (Health Insurance)
A disease caused by exposure to the conditions that one works in, or that occurs as a result of a job.