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.
General Average: In ocean marine insurance, a loss incurred for the common good
that is shared by all parties to the venture.
General Damages: Damages awarded to an injured person for intangible loss which
cannot be measured directly by dollars. Popularly known as "pain and suffering." General
damages are distinguished from special damages which are awarded for actual economic
loss, such as medical costs, loss of income, etc.
General Liability Insurance: Coverage that pertains, for the most part, 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.
Generally Accepted Accounting Principles (GAAP): Principles of accounting and
reporting business results developed by the American Institute of Public Accountants.
Glass Insurance: Protection for loss of or damage to glass and its appurtenances.
Good Student Discount: Reduction of automobile premium for a young driver at least
sixteen who ranks in the upper 20 percent of his or her class, has a B or 3.0 average, or
is on the Dean's list or honor roll. It is based on the premise that good students are
better drivers.
Grace Period: A 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.
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 intentional failure to perform a manifest duty in reckless
disregard of the consequences as affecting the life or property of another.
Gross Premium: The premium paid by the policyholder.
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 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.
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 policyholders.
Guaranty Fund: A fund, derived from assessments against solvent insurance companies,
to absorb losses of claimants against insolvent insurance companies.
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