Hazard
-
Anything
that increases the chance of an accident occurring.
Homeowners Insurance -
Insurance
that protects the homeowners from losses to the insured's
personal property and any damages for which the homeowner is
liable.
HOMEOWNERS INSURANCE POLICY - The typical
homeowners insurance policy covers the house, the garage and
other structures on the property, as well as personal
possessions inside the house such as furniture, appliances and
clothing, against a wide variety of perils including
windstorms, fire and theft. The extent of the perils covered
depends on the type of policy. An all-risk policy offers the
broadest coverage. This covers all perils except those
specifically excluded in the policy.
Homeowners
insurance also covers additional living expenses. Known as
Loss of Use, this provision in the policy reimburses the
policyholder for the extra cost of living elsewhere while the
house is being restored after a disaster. The liability
portion of the policy covers the homeowner for accidental
injuries caused to third parties and/or their property, such
as a guest slipping and falling down improperly maintained
stairs. Coverage for flood and earthquake damage is excluded
and must be purchased separately. (See Flood insurance;
Earthquake insurance)
HOUSE YEAR - Equal to 365 days of insured
coverage for a single dwelling. It is the standard measurement
for homeowners insurance.
HURRICANE
DEDUCTIBLE - A percentage or dollar amount added to
a homeowner’s 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.
HACKER INSURANCE - A coverage that protects
businesses engaged in electronic commerce from losses caused
by hackers.
HARD MARKET
- A seller’s market in which insurance is
expensive and in short supply.
Health Maintenance Organization (HMO) - Prepaid
group health insurance plan that entitles members to services
of participating physicians, hospitals and clinics. Emphasis
is on preventative medicine, and members must use contracted
health-care providers.
Health insurance - Protection against the costs
of hospital and medical care or lost income arising from an
illness or injury. Sometimes called Accident of Sickness
Insurance, Accident and Health Insurance, or Disability
Insurance.
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