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Glossary
Table of Contents
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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 "Soft market").
| Hazard: Condition that creates or increases the
chance of loss.
| Health Insurance: Insurance against
financial losses resulting from sickness or accidental bodily injury.
| Health Insurance: Protection which provide
payment of benefits for covered sickness or injury. Included under this
heading are various types of insurance such as accident insurance,
disability income insurance, medical expense insurance, and accidental death
and dismemberment insurance.
| Health Insurance: Insurance providing for
the payment of benefits as a result of sickness or injury. Includes various
types of insurance such as accident insurance, disability income insurance,
medical expense insurance, accidental death insurance, 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 sponsored by the government, medical schools,
hospitals, employers, labor unions, consumer groups, insurance companies,
and hospital-medical plans.
| Hedging: Technique for transferring the risk of
unfavorable price fluctuations to a speculator by purchasing and selling
options and futures contracts on an organized exchange.
| 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
providing home owners with a broad range of property and liability coverages.
| Home Service Life Insurance:
Industrial life insurance and monthly debit ordinary life insurance
contracts that are serviced by agents who call on the policyowners 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:
Health insurance protection against the cost of hospital care resulting from
the illness or injury of the insured person.
| Hospital Expense Insurance: A
form of health insurance that provides 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 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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