Hacker Insurance:

A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.

 

Hail Insurance:

See Crop-Hail Insurance.

 

Hard Market:

A seller’s market in which insurance is expensive and in short supply. (See Property/Casualty Insurance Cycle.)

 

Hazard:

The presence of a condition that could cause loss or injury to property or persons. For example, smoking in bed increases the chance for loss of property and life resulting from fire.

 

Health Insurance:

There are two major types: Disability income insurance pays for loss of income due to disability; medical expense insurance pays for hospital, doctor and other medical expenses. Both of these generally pay for losses arising from sickness or accidents. Some policies, referred to as “accident policies,” do not cover sickness.

 

Health Maintenance Organization (HMO):

The oldest form of managed health care. In exchange for a monthly fee, HMOs offer members a comprehensive range of health services, usu­ally including preventive medical care.

 

Hold Harmless Agreement:

A contract under which one party’s legal liability for damages is assumed by the other party to the contract.

 

Homeowners Policy:

A package policy for the homeowner that combines “named peril” (including theft coverage) protection on contents, coverage on the dwelling ranging from “named peril” to physical loss, additional living expense protection and personal liability insurance.

 

House Year:

Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.

 

Hull Policy:

An ocean marine or aviation insurance contract covering damage to or loss of a ship or plane, but not the contents.

 

Hurricane:

A tropical storm with sustained winds of 75 or more miles an hour that is usually accompanied by rain and abnormally high tides.

 

Hurricane Deductible:

A percentage or dollar amount added to a homeowners insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher de­ductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.