A policy of smaller value, usually $10,000 to $15,000. These policies can be paid for by bank draft or check sent by mail.
Insurance Encyclopedia
Home state of the insured
The state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence or if 100% of the premium of the insured risk is located out of the previously mentioned state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is located.
Home Trade Ship
See: “Full-Reporting Clause.”
Home-office-to-home-office arrangement
Understanding of a manufacturer and a distributor in which an insurance company selects not to offer a certain product or product line but acts as a brokerage general agent for specific product lines manufactured by another insurer.
Home-sharing
The process of using an app (Airbnb) to rent an room or a house to someone on a very temporary (fews days or a week) basis.
Homebound
1. Situation in which an individual is normally unable to leave home unassisted and to try to leave home takes considerable and taxing effort. Such a person may leave home for medical appointments; medical treatment; or short, infrequent absences for nonmedical reasons such as a trip to the barber or to attend a religious service. 2. In Medicare, one of the requirements to qualify for home health care.
Homemaker services
In-home health with meal preparation, shopping, light housekeeping, money manage- ment, personal hygiene, grooming, and laundry.
Homeopathic Pharmacopoeia of the United States
One of the official compendia in the United States. Also see compendium, National Formulary , and United States Pharmacopoeia (USP) .
Homeopathy
System of therapeutics based on the theory that was advanced in the late eighteenth century by Dr. Samuel Hahnemann, who believed that a large amount of a particular drug may cause symptoms of a disease and moderate dosage may reduce or relieve those symptoms; thus some disease symptoms could be treated by small doses of medicine.
Homeowner Insurance
An elective combination of coverages for the risks of owning a home. Can include losses due to fire, burglary, vandalism, earthquake, and other perils.