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Process by which property becomes useless, not because of physical deterioration, but because of changes outside the property, notably scientific or technological advances.

Occupancy and Fire Rates
The direct relationship between the use to which the premises is put to use and the likelihood of its exposure to fire. Occupancy of a building is one of the main factors for fixation of premium rate for fire cover.

Occupational Disease
Disease contracted arising out of employment related exposures and conditions. Workmen's Compensation Insurance Policy provides cover against occupational diseases.

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.

Event that results in bodily injury and/or property damage to a third party. As regards liability insurance policies all claims for bodily injury or property damage in relation to different third parties that would have arisen out of one event would be treated cumulatively for application of insurer's maximum liability in respect of any one occurrence. Occurrence Basis Policy
A Liability Insurance Policy that covers Claims arising out of events that occurs during the policy period, regardless of when the claim is filed.

Occurrence Limit
Maximum liability of the insurer in respect of all claims arising out of occurrence of one event.

Off Duty Covers
Personal Accident insurance Cover issued to a person for the restricted hours when he is not at work and/or not on official duty. Normally premium charged for this policy will be 50% of the premium charged for a 24 hrs. cover.

Manifestation of willingness to enter into an agreement.

Offer and Acceptance
One of the essential elements for a contract to be legally valid. Applicable for Insurance Contracts also. A contract is completed by one partys acceptance of an offer made by the other party

Person who receives an offer from another. The offeree may accept or reject the offer.
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