HO-1: HO-1 is basic homeowners insurance. It covers your dwelling and personal property against losses from 11 types of perils: fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; damage by glass or safety glazing material that is part of a building; and volcanic eruption.
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HMO: Health maintenance organization. HMOs are the least expensive, but also the least flexible of all the health insurance plans. They are geared more toward members of a group seeking health insurance. HMO advantages: They offer their customers low co-payments, minimal paperwork, and coverage for many preventive-care and health improvement programs. HMO disadvantages: You must choose a primary care physician, also known as a PCP; HMOs require that you see only network doctors; you must get a referral from your PCP to see a specialist.
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HIPAA: Health Insurance Portability and Accountability Act, also known as the Kassebaum-Kennedy Act of 1996. See insure.com’s story on HIPAA here: http://www.insure.com/health/hipaa.htm
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guaranteed renewable contract: Contract under which an insured has the right, commonly up to a certain age, to continue the policy by the timely payment of premiums. Under renewable contracts, the insurer reserves the right to change premium rates by policy class.
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guaranteed insurability: An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
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group life insurance: Life insurance that usually does not require medical examinations, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example, a professional membership group. The individual members of the group hold certificates as evidence of their insurance.
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group annuity: A pension plan providing annuities at retirement to a group of people under a master contract. It is usually issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their annuities.
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grace period: Contrary to popular belief, there is often no grace period for insurance premiums, such as auto insurance. So, if your payment has not been received and cashed by your insurer, you are likely not insured.
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general expenses: General insurance expenses excluding agent commissions
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general expense ratio: General expenses as a percentage of the sum of direct premiums and annuity and fund deposits.
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