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Definitions
- G
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.
Generation
Skipping Tax
A transfer tax imposed on a gift or inheritance to
those at least two generations younger than the person making
the transfer.
Gift
A voluntary transfer of property to another person,
made without receiving consideration in return.
Grace
Period
A period of time after a premium due date, usually
30 or 31 days, during which an insurance policy remains in force
and the overdue premium may be paid without penalty.
Gross
Premium
The full amount of premium, ignoring taxes or deductions.
Graded
Commission Scale
A commission scale providing for payment of a high
first-year commission and lower renewal commissions.
Gross
estate
All of the assets and liabilities owned at death.
Gross
Negligence
The failure to perform a manifest duty in reckless
disregard of the consequences as affecting the life or property
of another.
Guaranteed
Insurability
An option that permits the policy holder to buy additional
stated amounts of life insurance at stated times in the future
without evidence of insurability.
Gross
Rate
The sum of the pure premium and a loading element.
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 is 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
Premiums
The guaranteed maximum payment for the purchased policy.
Guaranteed
Purchase Option
Benefit that can be added to a life insurance policy
permitting the insured 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 policy holders.
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.
Some whole life
policies let you pay premiums for a shorter period such as 20
years, or until age 65. Premiums for these policies are higher
since the premium payments are made during a shorter period.
Quick Life
Insurance Terms Glossary
(some definitions
taken from the National Association of Insurance
Commissioners' Life Insurance Buyers
Guide)
LIFE
IS COMPLICATED....
BUT TERM LIFE INSURANCE DOES NOT HAVE TO BE.
Privacy
Statement | Legal Statement | Licenses
Privacy statement: Your privacy is
important to us. Advantage
Quote Life Insurance will keep all
the information gathered strictly confidential. Your personal
information will not be used for any other purpose or given to
anyone else.
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