- Hard Premium Rates (G)
-
Premium rates which are relatively high, ie at the profitable stage of
the insurance cycle.
- Hazard Rate (A/D)
-
The annualised rate of exit from a population, expressed as a proportion
of the surviving population. The hazard rate (or failure rate) is a function
of time and quantifies the extent of aging of an individual life or
component. See also: Force of Mortality.
- Heterogeneity (A/D)
-
Heterogeneity is present in a group of risks if each cannot be considered
to represent an identical risk. Heterogeneity can lead to problems as a
result of Selection. See also: Homogeneity.
- Heterogeneity (G)
-
Where not all the components of a set are homogeneous.
- Home Foreign Business (G)
-
General insurance business written in the UK relating to risks which
originate or are located outside the UK.
- Homogeneity (A/D)
-
A group of policies can be considered to be homogeneous if each
represents an identical risk. In practice, any group of policies identified
by a given set of criteria will still contain variation within the group.
See also: Heterogeneity, Selection.
- Homogeneous (G)
-
Having the same characteristics.
- Hours Clause (G)
-
A clause within a catastrophe reinsurance treaty which specifies the
limited period within which a defined event is deemed to have occurred, eg
72 hours.
- Household Insurance (A/D)
-
Insurance cover for householders that provides protection against damage
to buildings (eg fire, storm damage, subsidence) or to household contents (eg
burglary, flood damage).
