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 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.
Hull Insurance: (1) Class of ocean marine insurance that covers physical 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.
Hurricane: A tropical storm marked by extremely low barometric pressure and
circular winds with a velocity of 75 miles an hour or more.
Click on the letter of alphabet, which the word you are looking for begins with:
