Insurance Terms: H

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Insurance Terms-A
  • Hacker Insurance believe it or not this area is a major concern for business engaged in electronic commerce and or stores sensitive information. Hacker insurance is insurance that protects businesses from losses caused by hackers.
  • Hard Market is a term that refers to a seller’s market when insurance is more expensive and is more difficult to obtain. A hard market is considered part of the property and casualty insurance cycle.
  • Health Insurance is an insurance product that offers benefits as a result of accident, illness, or injury. Health Insurance policies usually include coverage for claims resulting from accident, medical expense, disability, or accidental death and dismemberment
  • Health Maintenance Organization (HMO) An HMO is an organization providing comprehensive health care services for a specified group for a fixed periodic prepayment HMO’s offer their policyholders low co-payments, minimal paperwork, and coverage for preventive-care and health improvement programs.
  • High Risk Pools also known as FAIR PLANS are state plans providing insurance coverage those unable to purchase insurance on the open market due to high risk factors. Some states have high-risk pools for health and auto insurance and FAIR Plans for personal property.
  • Homeowners Insurance Policy A standard homeowners insurance policy covers the house, attached and unattached garages as well as other structures built on the insured property. Homeowner insurance policies also cover personal property kept inside the home from losses caused by a wide variety of perils including windstorms, fire and theft. There are several forms for homeowner insurance, the perils covered depends on the type of policy. Some homeowner policies also cover additional living expenses known as Loss of Use. This protection will reimburses the policyholder for any extra cost of living someplace else during the time the home is being restored following a claim. Homeowner policies generally include a liability portion which will cover the homeowner for accidental injuries caused to third parties and/or their property. Most homeowner policies include guest medical to avoid costly liability claims. Homeowner policies do not include coverage for Flood and/or Earthquake damage insurance for these risks must be purchased separately. (See also: Flood insurance; Earthquake insurance and Homeowner Forms)
  • Hurricane Deductible is a percentage or specific dollar amount added to homeowner insurance policy to limit an insurance company’s exposure to the losses caused by a hurricane. In areas where there is a higher risk of hurricanes deductibles are higher. These higher deductibles are instituted more of the in coastal regions.

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