Glossary of Insurance Related Terms

Hazard

The exposure of vulnerability to injury, loss or damage.

Health insurance

Insurance covering medical expenses or income loss resulting from injury or sickness. Health insurance is a general category that includes many different types of insurance coverage, including hospital confinement insurance, hospital expense insurance, surgical expense insurance, major medical insurance, disability income insurance, dental expense insurance, prescription drug insurance, and vision care insurance.

Health maintenance organization (HMO)

A health care financing and delivery system that provides comprehensive health care services for subscribing members in a particular geographic area in return for a fixed, prepaid fee.

Home Office

The headquarters of an insurance company, that typically houses the actuarial, claims, investment, law, marketing and service areas.

Home Office Life Underwriters Association

An organization offering a course of study for home office Life Underwriters. (LI)

Home Service Industrial Insurance

One of the major classes of insurance. It is generally sold in amounts of less than $1,000 by agents who service insureds on debits. The premiums are collected weekly or monthly at the address of the insured. (1) The amount of premium charged or debited to an agent to be collected. (2) The book of business represented by such premiums. (3) The territory where most of the insureds are located. (4) The total number of individual or home service insureds assigned to a given agent for collection of weekly or monthly premiums and for servicing, commonly referred to as "people in my debit." (LI)

Home Service Life Insurance

One of the major classes of insurance. It is generally sold in amounts of less than $1,000 by agents who service insureds on debits. The premiums are collected weekly or monthly at the address of the insured. (1) The amount of premium charged or debited to an agent to be collected. (2) The book of business represented by such premiums. (3) The territory where most of the insureds are located. (4) The total number of individual or home service insureds assigned to a given agent for collection of weekly or monthly premiums and for servicing, commonly referred to as "people in my debit." (LI)

Home Service Ordinary

A monthly premium policy of Ordinary Life Insurance, not Industrial, with the premiums collected according to the debit system. (LI)

Hospice

Health care facility providing medical care and support services such as counseling to terminally ill persons.

HR-10 Plan

A plan under the Self-Employed Individual's Tax Retirement Act which permits a self-employed individual to establish a formal retirement plan including himself and to obtain tax advantages similar to those available in qualified corporate pension plans. (LI)

Human Life Value

For purposes of life insurance, the present value of the family's share of the deceased provider's future earnings.