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Home income plans

Equity release schemes such as lifetime mortgages whereby an elderly person mortgages his or her house to an insurance company or other institution to fund an annuity (joint life and survivor annuity for couples). Mortgage interest is met from the annuity instalments (or deferred until death) leaving an income for the homeowner(s). The loan, up to 80% of the value, and any rolled-up interest is repaid on death but the estate benefits from any capital appreciation. Compare with home reversion plan.

Home office

The corporate headquarters of an insurance company.
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Generally the corporate headquarters of insurers and the location where the chief officers of the organization are housed. See Also: “Head Office.” The term used in USA is Home Office instead of Head Office.

Home patients

Medically able individuals who have their own dialysis equipment at home and, after proper training, perform their own dialysis treatment alone or with the assistance of a helper.

Home reversion plan

Like home income plans, but the house is sold outright to the insurance company in return for an immediate annuity and a life tenancy. The sale price is below market value and the insurance company or institution purchasing the property benefits from any increases in property value. After death nothing remains for any dependants.

Home service agent

Exclusive insurance agent who works for a home service company and who collects premiums and gives service at the policy-owner’s residence. He or she offers monthly debit life, health, and fire insurance products and products for which premiums are billed by and remitted directly to the insurance company. Some of the business may also be in industrial insurance.