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Glossary of Insurance Terms - G

Glossary of terms used in insurance - G

  1. Generic Drug: This is a duplicate of a brand name drug produced by a different company once its patent has expired. These drugs are usually less expensive and its choice is usually supported by health care companies.
  2. Group Insurance: Coverage provided by an employer or other entity to all members in a group.
  3. Gate Keeper: This is a term which generally refers to the primary care provider in an HMO plan.
  4. Guaranteed Issue: It is a provision which makes it necessary for a company to provide cover to a person, no matter what his health status. In most states, group health plans are of this type. In some states again, all health insurance plans are of this type.
  5. Guaranteed Renewable: This is a provision under which a person can renew and continue his cover up to a certain age, if he pays his premiums in a timely manner.
  6. Grace Period: A particular period within which the person may pay his overdue premiums and still retain cover.
  7. Grievance Procedure: A procedure allowing a member or provider to complain and seek redress.
  8. Group Certificate: It is a document detailing the benefits to be provided to a member of a group plan.
  9. Group Contract: It is an insurance contract covering a group of people who are considered as individuals.
  10. General Account: This is the general account into which all the premiums of the insurer are kept. Some amount of credit risk exposure is always there for the buyer though it is low.
  11. General Liability Insurance: These covers are to protect businessmen from a broad variety of liabilities. This could include accidents from the premises or operations of an insured. They could also include products sold and completed operations. Covers are also available for contractual liabilities.
  12. Gross Leverage: This is the total amount of ceded reinsurance leverage and net leverage. It indicates the level of exposure to errors in pricing for its current book of business.
  13. Guarantee Association: This refers to a group of life insurance companies who are collectively responsible for the financial obligations of a company which has become insolvent and which was a member of this association.
  14. Gap Insurance: This is a part of an automobile cover. This covers the difference in costs between a damaged or wrecked car at the time of accident and the money owed to the finance or leasing company. It primarily applies to leased cars.
  15. Generally Accepted Accounting Principle (GAAP): These are principles used by publicly held companies in preparing financial statements for the Securities and Exchange Commission.
  16. Generic Auto Parts: These relate to the parts of autos produced by companies that are not related to manufacture of cars. These parts are considered by insurers to be as good as the original. These are often less expensive than the originals.
  17. Glass Insurance: This policy provides cover against damages to glass due to any reason. However, wars and fire are often excluded. These policies can be bought for structural glass, leaded glass, mirrors and windows.
  18. Graded Premium Policy: This is a type of whole life policy with modified premiums. It contains three or higher levels of amounts by which premiums can be paid. The amounts paid increase at particular points of time. This goes on till the maximum level is reached for the remaining part of the policy.
  19. Graduated Driver Licenses: These are young- driver licenses which let them improve on their efficiencies. The rules vary from state to state. But generally all states forbid night driving. These drivers are provided learner’s permits and then a provisional license. The final license is offered at a later stage.
  20. Gramm-Leach-Bliley Act: This was a legislation passed by Congress in1999. It removed restrictions against the combination of commercial and investment banking activities. It allows banks, insurance companies and security firms to conduct joint activities and to own each another.
  21. Gross Annuity Cost: This is a dollar amount that is equal to the current value of future income payments. It is valued at a gross level. It also has particular provisions for expense loading. This is the opposite of net annuity cost.
  22. Guarantee Period: This is the particular period during which the level of interest in a fixed annuity is guaranteed.
  23. Guaranteed Death Benefit: These refer to the death benefits that are guaranteed in a variable annuity contract.
  24. Guaranteed Income Contract (GIC): This is a usual provision in an employer sponsored retirements plan. It is a contract with the insurance company that guarantees a rate of return on capital invested over the time period of the contract.
  25. Guaranteed Insurability (GI) Benefit: This is a supplementary health insurance policy or rider which provides for the purchase of additional covers of the same type on particular dates.
  26. Guaranteed Living Benefit: This is a guarantee included in a variable annuity which ensures a level of payment. It is a kind of protection against the risks of investment. There are a number of such options available to choose from.
  27. Guaranteed Replacement Cost Coverage: This is a type of homeowners’ policy which pays for the cost of repairing a destroyed or damaged home. Coverage is provided even above policy limits.
  28. Guarantee Fund: This is a technique by which it is ensured that policy holders’ and third party claims of insurance are paid in case the insurance company fails. All 50 states have provisions to the said effect. However, the amount and type of claims paid varies. Workers compensations payments usually have no limits. These funds are backed by assessments on the insurers involved in business in the state.
  29. Gun Liability: This is a legal provision which assigns the responsibility for injuries caused by the gun to the owner of the said equipment. Many lawsuits have been filed in states due to this provision.

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