Term Life Insurance

Tuesday, September 27, 2016
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Life Insurance Glossary

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H

Hazard:
Any situation that increases or influences the probability of loss.

Hazardous Activities:
Any activity that increases one's risk of peril or danger. On an insurance application, scuba diving, aviation, sky diving, and racecar driving are examples of hazardous activities that are taken into account when an insurance company decides whether or not to accept the risk of insuring the applicant.

Human Life Value:
The quantitative value of the future earnings of a wage earner. By calculating the human life value, one may determine the amount of life insurance to purchase on an applicant. By determining the average income of a wage earner, the number of years the wage earner is going to work and the present value of the income of the wage earner, one can calculate the human life value of a wage earner.


For more reference, click on any of the letters below to find life insurance terms that begin with that letter.
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