Insurance and risk management terminology · MLC-0106
Insurance and risk management terms: G (94)
- Gap financingA type of short-term, interim loan used to cover the difference between the funds available from a primary...
- Garage liability insuranceLiability coverage for businesses that sell, service, or store automobiles, such as dealerships, repair...
- Garage policyA specialized insurance policy designed for businesses involved in selling, servicing, or storing vehicles...
- Garagekeepers coverage GKLLA type of insurance that protects garage owners from damage to customers' vehicles while they are in the...
- Garagekeepers extra legal liabilityAn optional coverage endorsement added to a garagekeepers liability policy that provides protection for a...
- GaragesAttached Garages
- Garaging locationThe primary physical address where an insured vehicle is parked or stored when not in use. This location is a...
- Garment contractors floaterA type of inland marine insurance that covers the property of a garment manufacturer while it is in the...
- General Adjustment Bureau GABA former independent organization that provided claims adjusting services to insurance companies across the...
- General agency systemA distribution model in the insurance industry where an insurer contracts with a general agent to manage and...
- General aggregate limitThe maximum amount an insurer will pay for all covered losses under a liability policy during a specific...
- General average lossesA principle in maritime law where all parties involved in a sea venture (ship owner, cargo owners)...
- General counsel GCThe chief legal officer of a corporation or other organization, responsible for managing all legal affairs...
- General damagesMonetary compensation awarded in a lawsuit for non-economic losses that are subjective and difficult to...
- General Data Protection Regulation GDPRA regulation in European Union law on data protection and privacy for all individuals within the EU and the...
- General duty clauseA provision within the Occupational Safety and Health Act (OSHA) that requires employers to provide a...
- General employerThe primary employer that loans an employee to another employer, known as the special employer, for a...
- General exclusionsSpecific conditions, perils, or types of loss that are not covered under an insurance policy, applying to all...
- General inclusionsOperations that workers' compensation classification rules treat as part of every governing classification...
- General indemnity clauseA contractual provision where one party agrees to compensate another party for losses or damages incurred due...
- General liability insurance GL, CGLCoverage that protects businesses from claims of bodily injury, property damage, personal injury, and...
- General maritime lawA body of law governing maritime questions and offenses, including injuries to seamen and longshore workers...
- General property formSee Standard Flood Insurance Policy - General Property Form.
- General supervisionOversight provided by a qualified professional who is available to guide and direct the work of others...
- Generally Accepted Accounting Principles GAAPA common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards...
- Genetic Information Nondiscrimination Act of 2008 GINAA federal law that prohibits discrimination based on genetic information in health insurance and employment...
- Gig economyA labor market characterized by the prevalence of short-term contracts or freelance work, as opposed to...
- Glass ceilingAn invisible barrier that prevents certain demographic groups, typically women and minorities, from advancing...
- Glass insuranceA specialized form of property insurance that covers the breakage of glass, such as windows, display cases...
- Glider kitA new truck chassis that includes a cab, front axle, and other components, but lacks an engine, transmission...
- Global insurance programA coordinated insurance strategy designed to cover the worldwide operations and assets of a multinational...
- GlovebagA single-use containment system, typically a sealed polyethylene bag with integrated gloves, used for the...
- "Going and coming" ruleA legal principle in workers' compensation that states an employee is not considered to be in the course of...
- Good faith settlementAn agreement reached between parties in a legal dispute where all parties act honestly and without intent to...
- Good local standardA standard of coverage in multinational insurance programs under which the local policy issued in each...
- Good Samaritan statutesState laws that provide legal protection to individuals who give reasonable assistance to others they believe...
- Good student discountA reduction in the premium for an automobile insurance policy offered to young drivers who maintain a...
- Governing classificationThe workers' compensation classification code that generates the largest amount of payroll for an employer...
- Grace periodA specified length of time after a premium payment's due date during which a policy remains in force even...
- Grade elevationThe lowest or highest finished ground level that is immediately adjacent to the walls of the building. Use...
- Graded commissionA commission arrangement in which the percentage paid to a producer falls as the premium it places rises, so...
- Graduated drivers licensesA system for new drivers that phases in driving privileges over time, typically starting with a learner's...
- Gramm-Leach-Bliley Act of 1999 GLBA United States federal law that repealed parts of the Glass-Steagall Act of 1933, allowing commercial banks...
- GrandfatheringAn exemption based on circumstances previously existing.
- Green buildingA structure designed, constructed, and operated to minimize its environmental impact and maximize resource...
- Green upgrades coverageAn optional endorsement or feature in property insurance policies that provides additional funds to repair or...
- Greenmail exclusionA provision in a Directors and Officers (D&O) liability insurance policy that excludes coverage for claims...
- GreenwashingThe practice of making unsubstantiated or misleading claims about the environmental benefits of a product...
- Gross combination weight GCWThe maximum allowable weight of a powered vehicle and its attached trailer(s) when loaded, as specified by...
- Gross domestic product GDPThe total monetary or market value of all the finished goods and services produced within a country's borders...
- Gross earnings coverageA form of business interruption insurance that compensates a business for the reduction in its gross earnings...
- Gross loss reservesThe total amount of money an insurer sets aside to cover future claims and claim-related expenses, before any...
- Gross negligenceConduct showing conscious and voluntary disregard of the need to use reasonable care, where grave injury or...
- Gross premiumThe total premium charged to an insured for an insurance policy, encompassing the net premium (which covers...
- Gross profits insuranceA form of business interruption insurance that indemnifies a business for the loss of its gross profits...
- Gross receipts or mileageA method used to calculate premiums for certain commercial insurance policies, particularly for trucking or...
- Gross vehicle weight GVWThe maximum operating weight of a single vehicle, including its chassis, body, engine, fuel, accessories...
- Gross weight GVW, GCWThe total weight of a vehicle or combination of vehicles, including the chassis, body, fuel, passengers, and...
- Gross written premium GWPThe total premium an insurer writes in a period on direct and assumed business, measured before deducting...
- Ground coverageInsurance protection for an aircraft while it is on the ground, including during taxiing, but not while in...
- Ground up lossThe total amount of a loss before the application of any deductibles, policy limits, or reinsurance...
- Group annuityA contract between an insurance company and an employer or other group, providing retirement income benefits...
- Group captiveAn insurance company owned by multiple non-insurance entities that come together to insure their own risks...
- Group certificateA document issued to an individual insured under a master group insurance policy. It outlines the specific...
- Group contractA single insurance policy issued to an employer or other entity (the policyholder) that covers a group of...
- Group credit insuranceA type of insurance purchased by a lender or creditor that covers the outstanding balance of a loan or debt...
- Group flood insuranceIssued by the NFIP Direct Program in response to a Presidential disaster declaration. Disaster assistance...
- Group health insuranceA single policy purchased by an employer or association to cover a group of individuals and their dependents...
- Group insuranceA single policy issued to a policyholder, such as an employer or association, that covers a group of...
- Group life insuranceA single contract that provides life insurance coverage to a group of people, such as employees of a company...
- Group of companiesA collection of legally distinct entities that are linked through common ownership or control, often...
- Group permanent life insuranceA form of life insurance provided to a group, typically employees, that offers permanent coverage rather than...
- Group practice health maintenance organizationA type of health maintenance organization (HMO) where the HMO contracts with a single, independent medical...
- Group property and liability insuranceA type of insurance program that provides property and liability coverage to a collective of individuals or...
- Group self-insuranceAn arrangement where multiple employers or entities pool their resources to self-fund their own insurance...
- Group-owned captiveAn insurance company owned by a collection of unaffiliated organizations to insure the risks of its...
- Guaranteed auto protection GAPAn optional auto insurance coverage that pays the difference between the actual cash value of a vehicle and...
- Guaranteed cost GCAn insurance pricing structure where the premium is fixed and known at the beginning of the policy period...
- Guaranteed cost insuranceAn insurance policy where the premium is set at the outset of the policy term and remains fixed, irrespective...
- Guaranteed cost premiumThe premium an insurer charges under a guaranteed cost policy, set from rates and exposure at inception and...
- Guaranteed insurabilityA rider on a life or health insurance policy that gives the policyholder the right to purchase additional...
- Guaranteed investment contract GICA contract issued by an insurance company that guarantees a specific rate of return on a lump-sum deposit...
- Guaranteed issueA provision in an insurance policy or program where coverage is offered to eligible applicants without...
- Guaranteed renewableA policy provision, typically in health or disability insurance, that guarantees the insured's right to renew...
- Guaranteed replacement costA homeowners endorsement under which the insurer pays the full cost to rebuild a damaged dwelling even when...
- Guaranty agreementA contractual promise by one party to be responsible for the debt, default, or performance of another party...
- Guaranty fundA state-mandated fund, typically financed by assessments on solvent insurance companies, designed to protect...
- Guardian ad litemA person appointed by a court to represent the interests of a minor or an incapacitated person in a legal...
- Guertin LawsA set of model laws adopted by states that govern the minimum nonforfeiture values and cash surrender values...
- Guest statutesLaws in some jurisdictions that limit the liability of a vehicle owner or operator for injuries sustained by...
- Guest voluntary settlementAn aviation liability endorsement that pays a scheduled amount to a passenger or guest who is seriously...
- Guests' Property, premisesInsurance coverage that protects a business, such as a hotel or inn, against liability for loss or damage to...
- Guests' Property, safe deposit boxInsurance coverage for a business, such as a hotel, against loss or damage to guests' property stored in a...
- Guideline premiumThe maximum premium that a life insurance policy can take in while still qualifying as life insurance under...
94 of 3,682 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.