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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
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Ordinary Life Policy: A Whole Life policy for which premiums are paid continuously as long as the insured lives.
Occurrence: An event that results in an insured loss.
Open Enrollment: A specified period of time when new subscribers may enroll in a health insurance plan or HMO regardless of their health.
Ordinary Life Insurance: Usually applied to level premium whole life policies.
Outlay: Same as premium
Out-of-Pocket Limit: Is a dollar limit on the portion of covered medical expenses that the insured must pay during a benefit period (usually a calendar year). When the out of pocket limit is met, the insured will not have to pay further deductibles or coinsurance for that year.
Outpatient Services: Services usually provided in clinics, physician or provider officers, ambulatory surgical centers, hospices, home health services, and so forth.
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