It sounds as if you want to turn off access to your Hotmail account from your iPad. In order to do this you will need to deactivate that account on the iPad. This thread shows how to delete it -
Alternatively you can leave the account on the iPad and simply take it out of use. To do this, in the same screen where you saw the Delete Account button, at the top there is an Account switch that you can slide to turn off the account on the iPad.
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