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Human Life Value (HLV)

Monetary value of a human life, measured by the net present value of the benefits which others receive from the personal efforts of the individual whose life is being valued. In a family context, the human life value of a person is the present value of that persons’ future earnings, plus the present value of the cost of the household services that person provides, minus the present value of the person’s personal maintenance expenses. In an employment setting, the human life value of an employee is the present value of the future additional revenue from that employee’s personal efforts or knowledge, minus the present value of the future compensation (wages and salary plus employee benefits) to be paid to that person.

Hundred per cent treaty basis

Method to reduce the work and expense in preparing reinsurance treaty accounts. It obviates the preparation of separate accounts each showing the reinsurer’s individual proportion of premiums and losses. Instead a statement shows the hundred per cent treaty amounts of every item on the account with a copy submitted to each reinsurer with only its proportion of the final balance shown thereon. See CLEAN CUT BASIS.

Hurricane

US: A tropical storm marked by extremely low barometric pressure and circular winds with a velocity of 75 miles an hour or more.
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A violent tropical cyclone with winds of 64 knots or 73 more miles per hour (118 or more km/hr) often with torrential rains and originating usually at sea. A storm of the most intense severity with a violent wind, in particular a tropical cyclone in the Caribbean. Synonyms: Cyclone, typhoon, tornado, storm, tropical storm, tempest, windstorm, superstore, gale, squall, whirlwind. A wind of force 12 on the Beaufort scale (equal or exceeding 64 knots or 118 km/h). Air filled with foam, waves over 45 ft., sea complete white with driving spray, visibility greatly reduced.
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UK: A violent windstorm covering a large area. It usually originates at sea, with winds circulating at tremendous velocity around a ‘centre’ that in itself moves fairly slowly. In view of its range in time and space, hurricanes are brought within the hours clause in catastrophe excess of loss treaties.

Husbanding

Term used by steamship lines, agents, or port captains who are appointed to handle all matters in assisting the master of the vessel while in port to obtain bunkering, fresh water, food and supplies, payroll for the crew, doctors’ appointments, ship repair, etc.

Hut Insurance

The Insurance applies only to those huts used for dwellings and constructed in rural areas with financial assistance from banking/cooperative/Government institutions. It can also apply to a selected area or cluster of huts. The scope of cover is against loss or damage due to Fire, lightning, explosion for boiler or gas used for domestics purposes only, earthquake, flood, inundation, storm, tempest, cyclone and other allied perils, riot and strike damage, malicious damage, aircraft and impact damage.

Hut Insurance Scheme (Social Security Scheme)

The scheme provides for relief to very poor families in rural areas in the event their huts (and belongings in the huts) are destroyed by Fire. The scheme is intended to benefit only landless laborers, marginal and small farmers, traditional craftsmen and others engaged in petty production or trade or transport or in domestic and other service whose annual family income from all sources does no exceed Rs. 4,800/-. The payment to be made will be Rs. 1000/- for hut and Rs. 500 for belongings in the hut destroyed by Fire. This is a Social Security Scheme launched by the Govt. of India. The entire premium is being borne by the Govt. of India.