610-440-0999 / 610-377-2606 ☰ ˟
Logo
Northampton 610-440-0999 | Lehighton 610-377-2606 Español
  • Home
  • Get A Quote
    • Automobile
    • Homeowners
    • LifeImage of right arrow
      • Whole Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
  • Customer Service
    • Make a Payment
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Request Declaration Page for Auto Policy
      • Send Declaration Page to Lien Holder
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • PropertyImage of right arrow
      • Request Declaration for Existing Homeowners Policy
      • Request Declaration for Existing Renters Policy
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Request Declaration Page for Motorcycle Policy
      • Add Motorcycle to Existing Policy
    • Recreational VehicleImage of right arrow
      • Request ID Card for Recreational Vehicle Policy
      • Request Declaration Page for Recreational Vehicle Policy
    • Watercraft & BoatImage of right arrow
      • Request ID Card for Watercraft Policy
      • Request Declaration Page for Watercraft Policy
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Meet the Team
    • What Our Clients Say
    • Privacy Policy
  • Contact Us
Auto Icon

Auto

Even the safest driver can have an accident; having the right coverages can prevent frustrations down the road.

Learn More
Home Icon

Home

We have the right property policy to insure both your dream home and your college kid's apartment, as well as every investment property in between.

Learn More
Power Sports Icon

Power Sports

You can enjoy your motorcycle, boat, or motorhome a little more, knowing that your policy covers them properly.

Learn More
Life Icon

Life

The best legacy to leave behind is a plan to care for your loved ones.

Learn More
Business & Commercial Icon

Business & Commercial

Whether your company is an individual venture or a large corporation, the safety and stability of your business matters.

Learn More
Home > Glossary > O

Insurance Glossary

Insurance terms and definitions from Meadowcroft Agency.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Meadowcroft Agency today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
OCCUPATIONAL DISEASE
Abnormal condition or illness caused by factors associated with the workplace. Like occupational injuries, this is covered by workers compensation policies.

OCCURRENCE POLICY
Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later.

OCEAN MARINE INSURANCE
Coverage of all types of vessels and watercraft, for property damage to the vessel and cargo, including such risks as piracy and the jettisoning of cargo to save the property of others. Coverage for marine-related liabilities. War is excluded from basic policies, but can be bought back.

OPEN COMPETITION STATES
States where insurance companies can set new rates without prior approval, although the state’s commissioner can disallow them if they are not reasonable and adequate or are discriminatory.

OPERATING EXPENSES
The cost of maintaining a business’s property, includes insurance, property taxes, utilities and rent, but excludes income tax, depreciation and other financing expenses.

OPTIONS
Contracts that allow, but do not oblige, the buying or selling of property or assets at a certain date at a set price.

ORDINANCE OR LAW COVERAGE
Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. This endorsement would cover part of the additional cost.

ORDINARY LIFE INSURANCE
A life insurance policy that remains in force for the policyholder’s lifetime.

ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM
Sheet metal auto parts made by the manufacturer of the vehicle.

OVER-THE-COUNTER (OTC)
Security that is not listed or traded on an exchange such as the New York Stock Exchange. Business in over-the-counter securities is conducted through dealers using electronic networks.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact Us Today!
610-440-0999

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • About Us
  • Refer A Friend
  • Our Carriers
  • Contact Us

Contact Us

1357 Main Street
Northampton, PA 18067

Ph: 610-440-0999
service@meadowcroftins.com

335 Interchange Rd
Lehighton, PA 18235

Ph: 610-377-2606
leh@meadowcroftins.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder