Your Ultimate Travel Insurance Glossary: Terms starting with O

Glossary on Travel Insurance Terms starting with O

Understanding travel insurance can be complex, but knowing the key terms and concepts can simplify the process. This glossary is designed to answer essential questions about travel insurance, such as “What is included in travel insurance?” and “What is LTA in travel insurance?” It covers a wide range of topics, from the most common type of travel insurance to specifics like global travel protection and what “worldwide” means in the context of coverage.

Whether you're curious about the duration of travel insurance, what international and domestic policies cover, or what travel insurance does not cover, this guide has you covered. Discover the different types of travel insurance, the importance of having coverage, and how global travel insurance terms apply, especially with considerations for COVID-19.

With clear explanations and examples, you’ll learn about global travel policies, what is covered in international travel insurance, and how to obtain the right travel insurance for your needs. Dive into our glossary to gain a comprehensive understanding of travel insurance and make informed decisions for your next trip.

To help you decode this complex landscape, we've compiled a comprehensive glossary from A to Z. Whether you're a seasoned traveler or a first-time explorer, this guide will equip you with the knowledge you need to understand and make the most of your travel insurance coverage.

A hand holding a bubble with a airplane and suitcase in it symbolizing travel insurance protection.


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B

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D

E

F

G

H

I

J

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N

O

P

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 W

 X

YZ

 

 

 

  1. Objective Hazard: Risks that are measurable and can be quantified, affecting insurance coverage.
  2. Obligee: The party to whom an obligation is owed under an insurance contract.
  3. Obligor: The party obligated to pay the insurance claim or perform under the terms of the insurance contract.
  4. Occupational Accident Insurance: Coverage for accidents that occur during the course of employment.
  5. Occupational Disease: Illnesses or conditions caused by factors related to one's occupation, which may affect insurance claims.
  6. Occupational Exclusion: A clause that excludes coverage for incidents related to the insured's occupation.
  7. Occupational Hazard: Risks associated with one's occupation that may impact travel insurance.
  8. Occupancy Clause: A provision in an insurance policy specifying the conditions under which the insured property must be occupied to remain covered.
  9. Occurrence: An event or incident that triggers a claim under an insurance policy.
  10. Occurrence Basis: Coverage based on incidents occurring within the policy period, regardless of when the claim is filed.
  11.  Occurrence Coverage: Insurance that covers claims resulting from incidents that occur during the policy period.

  12. Off-Peak Travel: Travel during periods of lower demand, often resulting in reduced costs and insurance premiums.
  13. Off-Road Coverage: Insurance covering incidents occurring during off-road activities like ATV riding.
  14. Offshore Medical Evacuation: Coverage for medical emergencies requiring evacuation from offshore locations.
  15. Omnibus Clause: A provision that extends coverage to additional insured parties not specifically named in the policy.
  16. One-Way Trip Insurance: Coverage for travelers taking a one-way journey, as opposed to round trips.
  17. Open Enrollment Period: A set timeframe during which individuals can enroll in or change insurance plans.
  18. Open Jaw Trip: A trip where the traveler departs from one location and returns from another, requiring specific travel insurance coverage.
  19. Open Perils: Coverage that insures against all risks except those specifically excluded in the policy.
  20. Open Return Ticket: A return ticket with a flexible return date, often requiring special insurance considerations.
  21. Optional Coverage: Additional coverage options that can be added to a base insurance policy.
  22. Optional Trip Cancellation: Coverage that can be added to a policy to protect against trip cancellation for specified reasons.
  23. Optional Trip Interruption: Additional coverage for costs incurred if a trip is interrupted for covered reasons.
  24. Optional Upgrade: An enhancement to the basic policy providing additional benefits.
  25. Ordinance or Law Coverage: Insurance that covers the increased costs due to changes in building codes or laws.

  26. Organ Donor Coverage: Insurance covering medical expenses related to organ donation during travel.
  27. Organized Tour Coverage: Insurance that covers incidents occurring during organized tours.
  28. Other Insurance Clause: A clause that stipulates how coverage will be coordinated if multiple insurance policies apply to the same claim.
  29. Out of Country Medical: Coverage for medical expenses incurred outside the insured's home country.
  30. Out-of-Network Provider: Healthcare providers not contracted with your insurance plan, often resulting in higher out-of-pocket costs.
  31. Out-of-Pocket Expenses: Costs that the insured must pay directly, not covered by the insurance policy.
  32.  Out-of-Pocket Maximum: The maximum amount the insured has to pay out-of-pocket for covered services in a policy period.
  33. Outpatient Care: Medical treatment that does not require an overnight stay in a hospital or clinic.
  34. Outpatient Surgery Coverage: Insurance that covers surgeries that do not require an overnight hospital stay.
  35. Overage Charges: Extra costs incurred when exceeding the limits of the insurance coverage.
  36. Overall Policy Limit: The maximum amount an insurance policy will pay out during its term.
  37. Overbooking Coverage: Insurance that provides compensation if a traveler is denied boarding due to overbooking.
  38. Overseas Coverage: Insurance protection that extends beyond the traveler’s home country.
  39. Overseas Emergency Assistance: Services provided by insurance companies to assist travelers in emergencies abroad.
  40. Overseas Income Protection: Insurance that protects the insured’s income if they are unable to work due to an illness or injury abroad.
  41. Overseas Medical Insurance: Health insurance specifically designed to cover medical expenses incurred while traveling abroad.
  42. Overseas Property Coverage: Insurance for property owned abroad.
  43. Overseas Repatriation: Coverage for returning a traveler to their home country due to illness, injury, or death.
  44. Overseas Student Insurance: Insurance coverage for students studying abroad.
  45. Over-the-Counter Medication Coverage: Insurance that covers the cost of over-the-counter medications.
  46. Overnight Hospital Stay: Coverage for hospital stays that extend overnight, including accommodation and treatment costs.
  47. Override Commission: An additional commission paid to an agent for achieving certain sales targets.
  48. Owner's Policy: A type of insurance policy specifically designed for property owners.
  49. Owner-Occupied Home: A residence that is owned and occupied by the owner, relevant in cases where home insurance intersects with travel insurance.
  50. Own Occupation: A disability insurance term referring to the insured's ability to work in their specific occupation.

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