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| Occurrence ... |
| A loss that is the result of a specific event, as opposed to a period of time. |
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| Occurrence Form ... |
| Commercial General Liability coverage for bodily injury and property damage to others. |
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| Offer and Acceptance ... |
| One of the four components of a legal contract requiring that both parties concur with its terms and provisions. (See also, Agreement.) |
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| Open Competition ... |
| The method of regulation some State Insurance Departments promulgate that permits Insurance Companies to compete openly with the forms and rates they use, provided they are adequate and non-discriminatory. |
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| Open Peril Policy ... |
| Insurance coverage for losses caused by any peril that is not specifically excluded by the policy. (See also, All Risk and Special Coverage.) |
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| Outstanding Reserves ... |
| Funds set aside and allocated to pay for insured losses. |
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