Answer:
Here's a direct quote from the FDA about the term "hypoallergenic" as it relates to cosmetics:
"Hypoallergenic cosmetics are products that manufacturers claim produce fewer allergic reactions than other cosmetic products. Consumers with hypersensitive skin, and even those with normal skin, may be led to believe that these products will be gentler to their skin than non-hypoallergenic cosmetics.
There are no federal standards or definitions that govern the use of the term 'hypoallergenic.' The term means whatever a particular company wants it to mean. Manufacturers of cosmetics labeled as hypoallergenic are not required to submit substantiation of their hypoallergenicity claims to FDA.
The term 'hypoallergenic' may have considerable market value in promoting cosmetic products to consumers on a retail basis, but dermatologists say it has very little meaning."
You were smart to ask. Let the buyer beware...and cautious.