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shane@sennhometownins.com
Oconto Falls, WI

Insurance Glossary

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Term Definition
Occurrence

An event that results in an insured loss. In some lines of business, such as liability, an occurrence is distinguished from accident in that the loss doesn't have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected not intended by the insured.

Other Income/Expenses

This item represents miscellaneous sources of operating income or expenses that principally relate to premium finance income or charges for uncollectible premium and reinsurance business.

Out-of-Pocket Limit

A predetermined amount of money that an individual must pay before insurance will pay 100% for an individual's health-care expenses.

Own Occupation

Insurance contract provision that allows policyholders to collect benefits if they can no longer work in their own occupation.

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