Insurance Information

Hazard
Condition that creates or increases the chance of loss.

Health Maintenance Organization
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.

High-Risk Automobile Insurer
Company that specializes in insuring motorists who have poor driving records, have been canceled, or have been refused insurance (ex: high risk vehicle, commercial use).

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 homeowners with a broad range of property and liability coverages.

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

Hurricane
A tropical storm marked by extremely low barometric pressure and circular winds with a velocity of 75 miles an hour or more.

Insurance Information (cont'd)

Qualification Period
The period during which the insured must be totally disabled before becoming eligible for residual disability benefits.

Qualified Impairment Insurance
A form of substandard or special class insurance, which restricts benefits for the insured person's particular condition.

Qualified Plan
A plan which the Internal Revenue Service approves as meeting the requirements of Section 401(a) of the 1954 Internal Revenue Code. Such plans receive tax advantages.

Qualified terminable interest property
A category of property, created by the Economic Recovery Tax Act, which by a deceased spouse's will entitles the surviving spouse to all income from the property for life, with that income payable at least annually, and precludes anyone including the spouse from appointing the property to anyone else during the spouse's life.