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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 prysical
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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