Grant-aided organisation giving free help to members of the public with problems on personal or occupational pension schemes. OPAS does not advise state schemes. OPAS involvement in dispute resolution must be exhausted before cases can be referred to the Pensions Ombudsman.
Insurance Encyclopedia
Open access (Health Insurance)
A concept that allows the insured to see another service provider without needing to obtain a referral.
Open Account
A huge-risk trade agreement in which goods are shipped to a foreign buyer without guarantee of payment.
Open Claims
Known claims in the process of review or adjustment or on which further premiums are anticipated by the insurer.
Open Cover
An open cover performs the same tasks as a facultative obligatory treaty from a technical point of view and the two can be considered as synonymous. However, open cover is more of a facility in a certain branch or category than the more general and wider treaty. Thus, an open cover may be confined to petrochemical risks or highly fluctuating stock risks in certain specific commodities such as cotton, or to certain types of cargo risks. Moreover, the Ceding Company has the liberty to make cessions up to a certain agreed amount without the maximum liability being expressed as a number of lines.
Open cover/policy
1. Cargo insurance for insureds who ship goods on a regular basis. The contract covers all sendings within the scope of the policy at agreed rates. The insured must declare each shipment to facilitate the issue of certificates. Premiums are debited monthly or quarterly. The policy is not subject to a fixed term but can be cancelled subject to 30 days notice. 2. Marine reinsurance facility whereby the reinsurer takes a share of any business of a defined type that is offered by the cedant. It works in the same way as the open cover for cargoes (see 1. above).
Open debit (Health Insurance/Life Insurance)
A debit (territory) that does not currently have an agent.
Open Driving Policy
A motor insurance policy with no restriction on why may drive provided the driver is not disqualified from holding and effective and valid driving licence.
Open end investment company (Pensions)
Also called a mutual fund. An investment company that is run by investment advisers who invest on behalf of shareholders.
Open enrollment period (Health Insurance)
The period during which members can choose to fall under an alternate plan, without having to provide proof of insurability.