Glossary of Terms Image Map

Glossary of Terms - O

Occurrence Basis

Coverage (in liability insurance) for harm suffered by others or their property due to events occurring while a policy is in force, regardless of when a claim is actually made.

Open-End Lease

A lease agreement that provides for an additional payment after the property is returned to the lessor to adjust for any change in the value of the property.

Open Peril Coverage

Insurance coverage for all risks other than those that the policy specifically excludes.

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