| |
-
General
Agency System: Type of life insurance marketing
system in which the general agent is an independent
businessperson who represents only one insurer, is
in charge of a territory, and is responsible for hiring,
training, and motivating new agents.
-
General
Average: In ocean marine insurance, a loss
incurred for the common good that is shared by all
parties to the venture.
-
General
Damages: Damages awarded to an injured person
for intangible loss which cannot be measured directly
by dollars. Popularly known as "pain and suffering."
General damages are distinguished from special damages
which are awarded for actual economic loss, such as
medical costs, loss of income, etc.
-
General
Liability Insurance: Coverage that pertains,
for the most part, 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.
-
-
Generation
skipping tax: a transfer tax imposed on gift
or inheritance to those at least two generations younger
than the person making the transfer
-
Glass
Insurance: Protection for loss of or damage
to glass and its appurtenances.
-
Good
Student Discount: Reduction of automobile
premium for a young driver at least sixteen who ranks
in the upper 20 percent of his or her class, has a
B or 3.0 average, or is on the Dean's list or honor
roll. It is based on the premise that good students
are better drivers.
-
Grace Period:
A 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.
-
Graded
Commission Scale: A commission scale providing
for payment of a high first-year commission and lower
renewal commissions.
-
-
Gross
Negligence: the intentional failure to perform
a manifest duty in reckless disregard of the consequences
as affecting the life or property of another
-
-
Gross Rate:
The sum of the pure premium and a loading element.
-
Group Annuity:
A pension plan providing annuities at retirement to
a group of people under a master contract. It is usually
issued to an employer for the benefit of employees.
The individual members of the group hold certificates
as evidence of their annuities.
-
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 single master contract provides
that the group of persons participating in the plan
will receive annuities during retirement. Individual
certificates stating coverage may be 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 by reference to
their relationship to the entity.
-
Group
Creditor Life Insurance: Life insurance provided
to debtors by a lending institution to provide for
the cancellation of any outstanding debt should the
borrower die. Normally term insurance limited to the
amount of the loan.
-
Group
Insurance: 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. It is typically issued to an employer
for the benefit of employees, or to members of an
association, for example a professional membership
group. The individual members of the group hold certificates
as evidence of their insurance.
-
-
Group
Ordinary Life Insurance: Group insurance plan
providing life insurance for employees. Traditional
whole life policy is split into decreasing insurance
protection and increasing cash values.
-
Group
Paid-Up Life Insurance: Accumulating units
of single premium whole life insurance and decreasing
term insurance, which together equal the face amount
of the policy. Provided through a group life insurance
plan.
-
Group
Permanent Plan: Type of pension plan in 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: Most common form of group
life insurance. Yearly renewable term insurance on
employees during their working careers.
-
Group
Universal Life Products (GULP): Universal
life insurance plans sold to members of a group, such
as individual employees of an employer. There are
some differences between GULP plans and individual
universal life plans; for instance, GULP expense charges
generally are lower than those assessed against individual
policies.
-
-
Guaranteed
Investment Contract: An investment contract
with an insurer in which the insurer guarantees both
principal and interest on a pension contribution.
-
Guaranteed
Purchase Option: Benefit that can be added
to a life insurance policy permitting the issured
to purchase additional amounts of life insurance at
specified times in the future without requiring evidence
of insurability.
-
Guaranteed
Renewable: A contract that the insured has
the right to continue in force by the timely payment
of premiums (1) until at least age 50 or (2) in the
case of a policy issued after age 44 for at least
five years from its date of issue, during which period
the insurer has no right to make unilaterally 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.
-
Guaranteed
Renewable Contract: A contract that the insured
person or entity has the right to continue in force
by the timely payment of premiums for a substantial
period of time, during which period the insurer has
no right to make unilaterally any change in any provision
of the contract, while the contract is in force, other
than a change in the premium rate for classes of policyholders.
-
Guaranteed
Renewable Contract: A health policy which
the company guarantees to renew for life or until
the insured reaches a specified age, usually 65.
-
Guaranty
Fund: A fund, derived from assessments against
solvent insurance companies, to absorb losses of claimants
against insolvent insurance companies.
Looking for other vocabulary words?
Just click below:
a
b c
d e
f g
h i
j k
l m
n o p
q r
s t
u v
w x
y z
< Home
>
|
