| Obligatory insurance |
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Referred to as compulsory insurances or conditional insurances. See Conditional Insurances. |
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| Open market value |
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The normal value of a property assuming usual market conditions. |
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| Other income |
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Income over and above the basic salary. |
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| Outgoings |
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See Existing Liabilities. |
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| Ombudsmen |
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The person responsible for settling any dispute or complaint that is referred to them or escalates to them because the companies own internal procedures have not resolved the problem. There are numerous ombudsmen covering the various institutions: The Financial Ombudsman Service (incorporating the Building Society Ombudsman and the Banking Ombudsman) 0845 0801800 The Pensions Ombudsman 020 7834 9144 (for occupational pension schemes), the Parlimentary Ombudsman 020 7217 4163 (for complaints regarding National Savings). |
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| On-maturity |
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Where interest earned is credited to an account only on the maturity date e.g. on the second anniversary of a two year bond, and not in between. |
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