optional renewable policy: Contract that grants the insurer the right to terminate a policy on any anniversary, or, in some cases, on a premium date.
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operating ratio: Combined ratio minus net investment income ratio.
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operating leverage adjusted for policy loans: Total general account liabilities minus AVR and policy loans as a percentage of the sum of statutory surplus, capital, and AVR.
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operating leverage: The ratio of net premiums written to statutory surplus.
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operating cash flow/benefits paid: Operating cash flow as a percentage of total cash benefits paid to policyholders.
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operating cash flow: Operating income received less disbursements.
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occupational hazards: Factors inherent in the insured person’s occupation that expose him or her to greater-than-normal physical danger.
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nonrenewal clause: Provision in a policy that states the circumstances under which an insurer may elect not to renew someone’s policy.
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nonprofit insurers: Corporations organized under special state laws to provide medical benefits on a not-for-profit basis (for example, Blue Cross Blue Shield and Dental Service Corporations).
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nonparticipating policy: Policy that does not provide for payment of a dividend.
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