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Well, just logging out of it on your phone won't delete the account. If you have been hacked, all you need to do is login at hotmail.com and change your password; it really doesn't sound like you've been hacked, but since you're worried, you might as well change the password anyway, especially if it's not secure (is not either A) longer than ~12 caracters, contains uppercase and lowercase letters as well as numbers and symbols or B) a long phrase that doesn't make sense with multiple words and punctuation). Although if Hotmail is like Live then it won't actually let you pick a secure password, which is really fracking stupid.
What I lack in decorum, I make up for with an absence of tact.