/ Thesaurus / C Synonyms of covered option Find synonyms for: Noun1. covered option, optionusage: a put or call option backed by the shares underlying the optionWordNet 3.0 Copyright © 2006 by Princeton University. All rights reserved. Related Content Daily Word Quiz: candid Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language