Insurance Glossary
Insurance terms and definitions
GAP INSURANCE
An optional auto insurance coverage that pays the difference between a vehicle’s actual cash value and the remaining balance owed on a lease or auto loan if the vehicle is totaled or stolen.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
Standardized accounting rules used by publicly traded companies when preparing financial statements for regulatory reporting, including filings with the Securities and Exchange Commission.
GENERIC AUTO PARTS
Automobile replacement parts manufactured by companies other than the original vehicle manufacturer. When certified, these parts are considered comparable to OEM parts and are typically less expensive.
GLASS INSURANCE
Coverage that protects against damage or breakage of glass, such as windows and mirrors, often available with or without a deductible and subject to certain exclusions.
GRADUATED DRIVER LICENSES
Licensing programs for young drivers that provide progressive driving privileges, usually beginning with a learner’s permit and advancing to a full license over time.
GRAMM-LEACH-BLILEY ACT
A federal law enacted in 1999 that allows banks, insurance companies, and securities firms to offer each other’s financial services and operate under common ownership.
GROUP INSURANCE
A single insurance policy issued to cover multiple individuals, typically employees or association members, under a master contract.
GUARANTEE PERIOD
The length of time during which a fixed annuity guarantees a specified interest rate.
GUARANTEED DEATH BENEFIT
A provision in variable annuity contracts ensuring a minimum benefit is paid to beneficiaries upon the death of the annuity owner.
GUARANTEED INCOME CONTRACT (GIC)
An investment option commonly offered in retirement plans that guarantees a fixed rate of return on invested funds over a set period.
GUARANTEED LIVING BENEFIT
A feature of certain variable annuities that guarantees a minimum level of income payments, regardless of market performance.
GUARANTEED REPLACEMENT COST COVERAGE
A homeowners insurance option that pays the full cost to repair or rebuild a damaged home, even if the cost exceeds the policy limit.
GUN LIABILITY
A legal theory that seeks to hold firearm manufacturers and distributors responsible for damages resulting from the use of guns.
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