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Glossary of Insurance Terms - H

Glossary of terms used in insurance - H

  1. Health Care Counseling On Decisions: These are services sometimes provided by insurance companies. These help individuals in making decisions about the most suitable plan. Counseling is often offered on the benefits in a plan, costs of medical treatments etc. The counseling is not biased. The focus is on helping the individual make an informed decision.
  2. Health Maintenance Organizations (HMOs): These are plans in which individuals or employers pay a fixed monthly fee for services instead of a payment for every visit. The monthly charges are fixed, no matter what the services are. Services are provided by pre appointed service providers. Depending on the type of plan, services are provided at different locations.
  3. HIPAA: The full form is Health Insurance Portability and Accountability Act. This is also a federal legislation. It ensures that a person can receive immediate coverage as soon as he leaves an employer. It ensures continuation of health services. The legislation also brought into existence an authority. It decides on the standards of electronic data exchange regarding health care. It identifies the requirements of providing health care professionals and outlines the personal security and privacy measures of healthcare systems.
  4. High Deductible Health Plan: This is a plan which is high on deductibles and low on premiums. It is sometimes referred to as a catastrophic health insurance plan.
  5. HSA (Health Saving Account): This provision is applicable to certain plans. In this type, you pay for immediate medical expenses and make savings for future unforeseen needs.
  6. Home Health Care: Temporary health care provided by health care professionals at home rather than in a facility.
  7. Hospice Care: Care provided to a terminally ill patient at home or on an inpatient basis. The stress is on pain management and support to the patient and his family.
  8. Health Benefit Plan: Health insurance plan offered by company which is characterized by the benefits it provides and its covered services.
  9. Hearing Services: Diagnostic services related to hearing.
  10. Home Infusion Therapy: The provision of intravenous drug therapy at home. It includes dispensary and compounding services, medical equipment and nursing services.
  11. Hospital: A facility for providing inpatient services and therapeutic and diagnostic facilities. Some hospitals also provide outpatient services.
  12. Health History: It is a form used by underwriters to determine how much of a risk a person is to the company.
  13. Health Insurance: It is an insurance against costs incurred to treat illnesses, sickness and bodily injury. The protection provides benefits to covered illnesses or injuries. This includes accident insurance, dismemberment accident, medical expense insurance etc.
  14. Hospital Affiliation: This refers to a contract between the insurance company and the hospitals to provide care to a member.
  15. Hacker Insurance: This is a type of plan which offers coverage against activities of hackers causing losses to businessmen engaged in e commerce.
  16. Hard Market: This is referred to as a seller’s market. Insurance is deemed to be in short supply and expensive in such markets.
  17. Homeowner’s Insurance Policy: A usual homeowners’ policy is designed to cover the house s well as the contents inside it. In addition, they cover garages and other structures on the property. Coverage is provided against fire, theft and windstorms also. The extent to which covers are provided depends on the plan. Plans with all risk clauses offer the widest covers.

    This type of plan also provides coverage for additional living expenses. These are referred to as Loss of Use. This covers the additional cost incurred by the policy holder as a result of living in a separate establishment while his house is being mended after a disaster. The liability portion covers injuries to third parties and their properties. However, coverage is not provided against floods and earthquakes. Covers against such perils must be bought separately.
  18. House Year: This refers to a total of 365 days of insured coverage available for a single dwelling. This is a standard measurement for companies offering home owners insurance.
  19. Hazard: This is a circumstance which increases or may increase the seriousness of a loss. For e.g. if explosives are stored in the basement of a home, it is a hazard which increases the dangers of an explosion there.
  20. Hazardous Activity: These are certain activities that are not covered by usual insurance policies. These may be activities like horse riding, scuba diving etc. even if a company does provide coverage, liabilities and personal accident covers are not provided. This should ideally be provided by the company providing the activities.
  21. Health Reimbursement Arrangement: This is a facility used by people possessing high deductible plans who are not eligible for HSA.
  22. Hurricane Deductible: This is the amount of money that must be paid before insurance kicks in for hurricane insurance. In states with a history of hurricanes, homeowners’ policies are usually available with percentage deductibles charged for storm damage. The percentage deductibles vary between one to fifteen percent of a home’s value. Factors vary between states and companies

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