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Glossary of Insurance Terms
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- Hard Market: That part of the
insurance sales cycle in which competitive
pricing is at a minimum as companies charge
the premiums necessary to meet their
underwriting losses in order to avoid
insolvency and boost capacity; usually
associated with a sharp decline in capacity.
See also Soft market.
- Hazard: Condition that creates or
increases the chance of loss.
- Health Insurance: Coverage designed
to protect against financial losses resulting
from sickness or accidental bodily injury.
Health insurance coverages include accident
insurance, disability income insurance,
medical expense insurance, and accidental
death and dismemberment insurance.
- Health Maintenance Organization (HMO):
An organization that provides a wide range of
comprehensive health care services for a
specified group at a fixed periodic payment.
The HMO can be contracted with and sponsored
by the government, medical schools, hospitals,
employers, labor unions, consumer groups,
insurance companies, and hospital-medical
plans.
- High-Risk Automobile Insurer:
Company that specializes in insuring motorists
who have poor driving records or have been
canceled or refused insurance.
- Hold-Harmless Clause: Clause
written into a contract by which one party
agrees to release another party from all legal
liability, such as a retailer who agrees to
release the manufacturer from legal liability
if the product injures someone.
- Homeowners Policy: A package of
insurance designed to provide homeowners with
a broad range of property and liability
coverages, pertaining to events at home as
well as away from home (although not
automobile-related).
- Home Service Life Insurance:
Industrial life insurance and monthly debit
ordinary life insurance contracts that are
serviced by agents who call on the policy
owners at their homes to collect the
premiums. The amount of life insurance per
policy generally is larger than $1000.
- Hospice: Health care facility
providing medical care and support services
such as counseling to terminally ill persons.
- Hospital Admissions Program: An
arrangement to facilitate admission of persons
covered by health insurance to hospitals and
to assure the prompt payment of applicable
insurance benefits to hospitals.
- Hospital Expense Insurance: A form
of health insurance designed to provide
specific benefits for daily hospital room and
board and hospital services during hospital
confinement. Generally the policy also
provides benefits for surgical operations and
for in-hospital doctor's visits, in which case
the policy is referred to as a Hospital and
Surgical Expense Policy.
- Hospital Indemnity: A form of
health insurance which provides a stipulated
daily, weekly, or monthly indemnity during
hospital confinement. The indemnity is payable
on an unallocated basis without regard to the
actual expense of hospital confinement.
- Hospital Medical Insurance: A term
used to indicate protection which provides
benefits for the cost of any or all of the
numerous health care services normally covered
under various health care plans.
- Hospital Miscellaneous Services:
Services other than room and board and general
nursing services provided by a hospital during
hospital confinement. Included are such items
as x- ray examinations, laboratory tests,
medicines, surgical dressings, anesthetics
(including the administration thereof), and
use of operating room.
- Hull Insurance: (1) Class of ocean
marine insurance that covers physical damage
to the ship or vessel insured. Typically
written on an "all-risks" basis. (2) Physical
damage insurance on aircraft, similar to
collision insurance in an automobile policy.
- Human Life Value: For purposes of
life insurance, the net present value of the
family's share of the deceased breadwinner's
future earnings.
- Hurricane: A tropical storm marked
by extremely low barometric pressure and
circular winds with a velocity of 75 miles an
hour or more.
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