The phrase often relates to saying something in a discussion without waiting for your turn or permission. During the meeting, John began to speak out of turn and the manager had to remind him to wait his turn.
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Impolite Connotation
Using this phrase can imply that someone's behavior is impolite or disrespectful. She was offended because he spoke out of turn, cutting off her sentence.
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Inappropriate Content
It might also refer to saying something inappropriate or not suitable for the situation. I didn’t mean to speak out of turn by mentioning his financial issues at the party.