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INSURANCE DEFINITIONS
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Occupational Disease
Impairment of health caused by continued exposure to conditions inherent in a person's occupation or a disease resulting from the nature of an occupation.

Occupational Split
Used in relation to group insurance with reference to the occupational split of the company's workforce E.g. 50% clerical / 50% manual.

Ombudsman
An independent official to whom grievances can be aired, free of charge. Ombudsman is a Swedish word meaning citizen's representative. The Insurance Ombudsman Bureau aims to increase confidence in Insurance by offering an independent resource for resolving disputes between insurance companies and their customers.

Open Market Option
An option which exists at retirement date to use the accumulated value in a pension fund as a cash amount to purchase an Annuity on the Open Market from another Insurance Company. This practice can allow an individual to secure a better Annuity Rate than may be available from the Insurance Company which has maintained the pension fund.

Ordinarily Resident
If you are resident in the UK year after year, you are "ordinarily resident".

Ordinary Commuting
Travel between home (or some other place you attend for private reasons) and a permanent workplace.

Other Benefits (Employment)
The more common other benefits which are received in an employment are: Relocation expenses Subscriptions and professional fees Assets provided for private use Provision of nursery places (sometimes this is not taxable).

Other Income
This is a "catch all" term to ensure that you declare all your taxable income which you have not already entered anywhere else on the Tax Return. Other Income from Land and Property Any property income (other than rents) that you receive from any source, such as wayleaves, payments from sporting rights and so on. Other Income from Savings and Investments (except Dividends) Covers anything from interest on loans you have made to income from Government Stocks (Gilts).

Overdraft
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an 'overdraft' and the account is said to be 'overdrawn'. If agreed in advance by the bank this is essentially a form of loan facility. If not agreed in advance by the bank penal charges may be incurred.

Overseas
A country other than England, Northern Ireland, Scotland and Wales.

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