Overhead Expenses.
Insurance Encyclopedia
On goods
An unqualified reference to insurance on goods covers both the beneficial interest of the insured and, if they belong to someone else, the liability of the insured to the owner. It does not cover the owner’s proprietary interest unless the policy names the insured as the commercial trustee and describes the property as belonging to a named third party. (Hepburn v. Tomlinson (Hauliers) Ltd (1966)).
On Gross
Term used to describe the Marine insurance premium to which a discount is to be applied, the gross premium before any deductions.
On Line Channel of Insurance Distribution/Marketing
Due to increasing internet penetration as well as the changing buying behavior of the consumers the online world has become an attractive medium for the insurers to distribute and advertise their products. This channel also referred as “e-distribution channel” offers tremendous geographical reach at a much lesser cost. The insurance companies have also developed appropriate processes to support their customers in completing the closure of the buying process by a dedicated team through various interventions including telephonic/e-mail clarifications of doubts and to support the customer in completing the process.
On Net
Term used to describe the Marine Insurance premium to which a discount is to be applied – the gross premium less any previous deductions.
On Risk
The insurer is said to be on risk once an insurance attaches.
On the Ground, Aviation
An aviation term. On the ground shall be deemed to include all periods during which the aircraft is not in flight, taxying or moored.
on-Admitted
Reinsurance for which no credit is given in a ceding company’s annual statement because the reinsurer is not licensed or authorized to transact that particular line of business in the jurisdiction in question. Reinsurance is “non-admitted” when placed in a non-admitted company and therefore may not be treated as an asset against reinsured losses or unearned premium reserves for insurance company accounting and statement purposes.
on-Tariff Rating
Some of the classes of business which neither falls within the scope of tariffed class nor within the purview of any market Agreement are rated by the individual companies based on their own experience and on the basis of one or another rating method discussed here.
One Day Cricket Match Insurance
The Insurance covers the total abandonment of one day cricket match due to specified perils like Fire, lighting, explosion, earthquake, rain flood, storm, riot, strike, malicious damage and terrorist activities. The Policy covers the financial loss actually suffered by the insured i.e., the organizers. It is a condition under the Policy that no liability will attach even if a single ball is bowled. Change in venue or postponement of the match does not constitute a claim. It is prescribed that the tickets issued shall contain a stipulation that once a ticket is sold no refund will be allowed.