A coverage that protects businesses engaged in electronic
commerce from losses caused by hackers.
See Crop-Hail Insurance.
A seller’s market in which insurance is expensive and
in short supply. (See Property/Casualty
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.
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.
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
Equal to 365 days of insured coverage for a single dwelling.
It is the standard measurement for homeowners insurance.
An ocean marine or aviation insurance contract covering damage
to or loss of a ship or plane, but not the contents.
A tropical storm with sustained winds of 75 or more miles
an hour that is usually accompanied by rain and abnormally
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.