Glossary of Terms Image Map

Glossary of Terms - H

Hazard

A circumstance that increases the likelihood or probable severity of a loss. For example, an unattended lit cigarette is a hazard that increases the likelihood of a fire.

Hold Harmless Agreement

A clause in a contract in which one party agrees not to hold the other responsible for, or to protect the other from, any claims.

Holding Period

Length of time an asset is held by its owner.

Homestead Exemption

A state law provision that permits the home to be exempted from creditors claims.  

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