GENERAL ACCOUNT
All premiums are paid into an insurer's general account. Thus, buyers are subject to credit-risk exposure to the insurance company, which is low but not zero.
GENERAL LIABILITY INSURANCE
Insurance designed to protect business owners and operators from a wide variety of liability exposures. Exposures could include liability arising from accidents resulting from the insured's premises or operations, products sold by the insured, operations completed by the insured, and contractual liability.
GENERAL TERMS OF AGREEMENT
In order to bring insurance companies and credit hire industries together the Association of British Insurers (ABI) introduced the General Terms of Agreement (GTA)
GRACE PERIOD
A specified length of time within which a renewal premium that is due may be paid without penalty.
GROUP INSURANCE
A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependents. Coverage occurs under a master policy issued to the employer or association.
GUARANTEE PERIOD
Period during which the level of interest specified under a fixed annuity is guaranteed.
GUARANTEED DEATH BENEFIT
Basic death benefits guaranteed under variable annuity contracts.
GUARANTEED INCOME CONTRACT / GIC
Often an option in an employer-sponsored retirement savings plan. Contract between an insurance company and the plan that guarantees a stated rate of return on invested capital over the life of the contract.