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Anything that increases the seriousness of a loss or increases the likelihood that a loss will occur (risk) due to a Peril. A hazard is something that increases the risk. Risk is defined as the chance of loss. For example: improperly stored combustible materials, worn tires, intentional abuse to insured property, unsafe structural changes.

Health Insurance

Broadly, coverage to provide benefits upon the occurrence of disabling sickness or accident, or accidental death or dismemberment, or loss of income due to disability. Health insurance never covers death due to sickness, however. That’s Life insurance! Also known as A&H (Accident and Health) or Disability insurance.

Health Maintenance Organization (HMO)

An organization of health services providers, also known as “Managed Care” providers. Each subscriber pays a premium for which he/she receives medical care when desired, subject to a co-payment per office visit. The emphasis is on preventative medicine as an alternative to traditional indemnity plans written by insurance companies.

Hold-Harmless Agreement

A contractual arrangement whereby one party assumes the Liability inherent in a situation, thereby relieving the other party of responsibility. Such agreements are typically found in contracts such as leases, sidetrack agreements, and easements. For example, a typical lease may provide that the lessee must “hold harmless” the lessor for any liability from accidents arising out of the premises.

Hospital Expense or Income Policy

A policy that pays a stated amount per week or month while the insured is hospitalized, without reference to expenses actually incurred. Pays in addition to other policies.

Hospitalization Expense Policy

A policy that covers daily hospital Room and Board charges and also covers Miscellaneous Hospital Expenses (such as X-rays). It also often covers Emergency Treatment charges and many times will also include a Surgical Schedule. Also known as a “basic” plan.

Hull Insurance

In Ocean Marine and Aviation insurance, insurance against physical damage to plane or ship.