- Garage Liability Insurance:
Type of insurance that protects garage owners or automobile
dealers for liabilities they may have in their business
operations.
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- General Agency System: A type
of life insurance marketing system in which the general
agent is an independent businessperson who represents only
one insurer.
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- General Average: In ocean marine
insurance, a loss incurred for the common good that is shared
by all parties to the venture.
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- 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.
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- Glass Insurance: A commercial
insurance policy used to insure plate glass, lettering,
frames, and ornamentation.
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- Good Student Discount: The reduction
of an automobile premium for a young driver who ranks in
the upper percent of their class.
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- 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.
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- Gross Estate: All of the assets
and liabilities owned at death.
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- Gross Negligence: Intentional
failure to perform a duty, reckless disregard of the consequences
as affecting the life or property of another
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- Gross Premium: Premium paid
by the policyholder.
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- Group Annuity: A pension plan
providing annuities at retirement to a group of people under
a master contract.
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- 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.
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- 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.
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- 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.
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- Group Life Insurance: Life insurance
usually without medical examination, on a group of people
under a master policy.
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- 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.
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- Group Term Life Insurance: The
most common form of group life insurance. Yearly renewable
term insurance on employees during their working careers.
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- 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.
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- Guardian: A court appointed
person who takes care of the affairs of another.
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