O

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O/R	Overriding commission
O/S	Outstanding
OBLIGE (OBLIGED) LINE	See ACCOMMODATION LINE
OCA	See OUTSTANDING CLAIMS ADVANCE
OCA CLAUSE	Outstanding claims advance clause - a provision in a reinsurance contract wording which is similar to a Loss Reserve Deposit Clause (see LOSS RESERVE DEPOSIT). OCAs can be provided in cash or agreed securities or a LETTER OF CREDIT
OFFSET CLAUSE	See SET-OFF CLAUSE
OGP	ORIGINAL GROSS PREMIUM.
OGPI	ORIGINAL GROSS PREMIUM INCOME.
OGR	ORIGINAL GROSS RATE
ONP	ORIGINAL NET PREMIUM
ONPI	ORIGINAL NET PREMIUM INCOME
ONR	ORIGINAL NET RATE
OPERATIVE CLAUSE	The clause found in all treaties which describes the business covered, the risks excluded and the monetary limits of the reinsurer's liability.
ORDER	Instruction given to a broker by his client setting out the details of the insurance or reinsurance to be placed.
ORIGINAL GROSS PREMIUM INCOME	The total of the ORIGINAL GROSS PREMIUMS received by the REINSURED
ORIGINAL GROSS PREMIUM.	The original premium paid by the insured
ORIGINAL GROSS RATE	The actual rate applied by the insurer to the Sum Insured to obtain the premium.
ORIGINAL NET PREMIUM	The original premium paid by the insured less brokerage or original commission paid to brokers or agents.
ORIGINAL NET PREMIUM INCOME	The total of the ORIGINAL NET PREMIUMS received by the REINSURED
ORIGINAL NET RATE	The rate after deduction from the ORIGINAL GROSS RATE of brokerage or original commission paid to brokers or agents.
ORIGINAL RATE	Normally used as being equivalent to ORIGINAL GROSS RATE
ORIGINAL SLIP	The slip used by the broker in negotiating an insurance or reinsurance contract. Off slips or signing (closing) slips may be issued off the original slip for processing purposes, but the contract is concluded on the original slip.
OUTSTANDING LOSS STATEMENT	Often in treaties there is a requirement in the CLAIMS CLAUSE for the reinsured to provide the reinsurer annually with a statement giving details of all losses which might involve the treaty and which are not yet settled. Apart from the need to update information, there is also the reinsurer's own accounting needs. Thus in addition to the statement being rendered as at anniversary date of the treaty, usually 31st December, there may also be a requirement for the statement to be submitted at the end of the reinsurer's financial year.