G – Glossary of Terms

ALPHABETICAL LISTING 

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Garage Liability Insurance:
Type of insurance that protects garage owners or automobile dealers for liabilities they may have in their business operations.

General Agency System:
A type of life insurance marketing system in which the general agent is an independent businessperson who represents only one insurer.

General Average:
In ocean marine insurance, a loss incurred for the common good that is shared by all parties to the venture.

General Liability Insurance:
The insurance coverage that pertains to claims arising out of the insured’s liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.

Glass Insurance:
A commercial insurance policy used to insure plate glass, lettering, frames, and ornamentation.

Good Student Discount:
The reduction of an automobile premium for a young driver who ranks in the upper percent of their class.

Grace Period:
The specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.

Gross Estate:
All of the assets and liabilities owned at death.

Gross Negligence:
Intentional failure to perform a duty, reckless disregard of the consequences as affecting the life or property of another

Gross Premium:
Insurance premium paid by the policyholder.

Group Annuity:
A pension plan providing annuities at retirement to a group of people under a master contract.

Group Annuity Contract:
A contract issued by a life insurance company that may be used as the funding instrument for benefits to be made in accordance with a pension plan. A master contract provides that the group of persons participating in the plan will receive annuities during retirement. Individual certificates stating coverage are usually issued to members of the group.

Group Contract:
A contract of insurance made with an employer or other entity that covers a group of persons identified as individuals within an entity.

Group Health Insurance:
Health insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.

Group Life Insurance:
Life insurance usually without medical examination, on a group of people under a master policy.

Group Permanent Plan:
A type of pension plan which cash value life insurance is issued on a group basis and cash values in each policy are used to pay retirement benefits when a worker retires.

Group Term Life Insurance:
The most common form of group life insurance. Yearly renewable term insurance on employees during their working careers.

Guaranteed Renewable Contract:
An insurance contract that the insured has the right to continue in force by the timely payment of premiums to a specified age. During this period of time the insurer has no right to make any change in any provision of the contract while the contract is in force, except that the insurer may make changes in premium rate by classes.

Guardian:
A court appointed person who takes care of the affairs of another.

ALPHABETICAL LISTING 

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