Hazard: A specific situation that increases the probability of the occurrence of loss arising
from a peril, or that may influence the extent of the loss. For example, accident, sickness,
fire, flood, liability, explosion are perils. Slippery floors, unsanitary conditions, shingled
roofs, congested traffic, unguarded premises, and uninspected boilers are Hazards.

Hazard Insurance: Insurance coverage that pays for damages to a property resulting from
natural disasters such as fire, hurricanes, earthquakes, etc.

HSA: An acronym for "Health Savings Account." It is a tax-advantaged medical savings
account available to U.S. taxpayers who are enrolled in a High Deductible Health Plan

Hearing Insurance: A type of insurance that covers the cost of hearing related conditions
and/or hearing aids, which are not covered under most standard health insurance plans.

HMO: Health Maintenance Organization. A form of health insurance that combines a range
of coverage, usually on a group basis, in order to alleviate medical costs.

HRA: An acronym for "Health Reimbursement Arrangement." HRAs are funded and owned
by employers and offered to tax-advantaged employees. Under the HRA, employers will
reimburse certain employee medical expenses, such as copays, deductibles, etc., that are
not covered by the employee's insurance plan.

Held Covered: A provisional acceptance of risk, subject to confirmation at a later date that
the agreed cover is needed. Where applicable to an existing insurance, cover is conditional,
in practice, on prompt advice to the Underwriter as soon as the Assured is aware of the
circumstances to be held covered coming into effect, and a reasonable additional premium
is payable if the risk held covered comes into effect.

Hired Automobile: Autos the insured leases, hires, rents or borrows but not autos owned
by employees or members of their households.

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 like leases. A typical lease may provide that the
lessee must "hold harmless' the lessor for any liability from accidents arising out of the

Homeowner's Insurance: A type of insurance for the home that combines liability
insurance and hazard insurance.

The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc.  All rights reserved.
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