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GAP INSURANCE.
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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES/GAAP.
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GENERIC AUTO PARTS.
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GLASS INSURANCE.
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GRADUATED DRIVER LICENSES.
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GRAMM-LEACH-BLILEY ACT.
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GROUP INSURANCE.
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GUARANTEE PERIOD.
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GUARANTEED DEATH BENEFIT.
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GUARANTEED INCOME CONTRACT / GIC.
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GUARANTEED LIVING BENEFIT.
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GUARANTEED REPLACEMENT COST COVERAGE.
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GUARANTY FUND.
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GUN LIABILITY.
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An automobile
insurance option, available in some states, that covers the
difference between a car’s actual cash value when it is stolen or
wrecked and the amount the consumer owes the leasing or finance
company. Mainly used for leased cars. (See Actual cash value)
Generally
accepted accounting principles (GAAP) accounting is used in
financial statements that publicly-held companies prepare for the
Securities and Exchange Commission. (See Statutory accounting
principles / SAP)
Auto crash parts
produced by firms that are not associated with car manufacturers.
Insurers consider these parts, when certified, at least as good as
those that come from the original equipment manufacturer (OEM). They
are often cheaper than the identical part produced by the OEM. (See
Crash parts; Aftermarket parts; Competitive replacement parts;
Original equipment manufacturer parts / OEM)
Coverage for
glass breakage caused by all risks; fire and war are sometimes
excluded. Insurance can be bought for windows, structural glass,
leaded glass, and mirrors. Available with or without a deductible.
Licenses for
younger drivers that allow them to improve their skills. Regulations
vary by state, but often restrict night time driving. Young drivers
receive a learner’s permit, followed by a provisional license,
before they can receive a standard drivers license.
Financial
services legislation, passed by Congress in 1999, that removed
Depression-era prohibitions against the combination of commercial
banking and investment-banking activities. It allows insurance
companies, banks, and securities firms to engage in each others’
activities and own one another.
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.
Period during
which the level of interest specified under a fixed annuity is
guaranteed.
Basic death
benefits guaranteed under variable annuity contracts.
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.
A guarantee in a
variable annuity that a certain level of annuity payment will be
maintained. Serves as a protection against investment risks. Several
types exists.
Homeowners policy
that pays the full cost of replacing or repairing a damaged or
destroyed home, even if it is above the policy limit. (See Extended
replacement cost coverage)
The mechanism by
which solvent insurers ensure that some of the policyholder and
third party claims against insurance companies that fail are paid.
Such funds are required in all 50 states, the
District of Columbia
and Puerto Rico, but the type and amount of claim covered by the
fund varies from state to state. Some states pay policyholders’
unearned premiums – the portion of the premium for which no coverage
was provided because the company was insolvent. Some have
deductibles. Most states have no limits on workers compensation
payments. Guaranty funds are supported by assessments on insurers
doing business in the state.
A new legal
concept that holds gun manufacturers liable for the cost of injuries
caused by guns. Several cities have filed lawsuits based on this
concept.
Glossary of Insurance Terms
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