Insurance Terms: G

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Insurance Terms-A
  • GAP Insurance is additional automobile insurance policyholders might consider as an option, in some states. GAP insurance will cover the difference between a vehicle’s actual cash value when it is stolen or wrecked and the amount owed on a lease or to an auto finance company.
  • General Liability Insurance is an insurance product designed to protect a business owner and operator from a variety of liability exposures.
  • Generic Auto Parts or after market auto parts are those produced by companies that are not associated with car manufacturer. Most insurance companies will consider certified parts to be at least as good as those that come from the original manufacturer (OEM).
  • Glass Insurance is an insurance coverage for glass breakage caused by all risks. In some policies glass insurance will exclude damage caused by fire and war. Glass insurance products can be purchased for windows, structural glass, leaded glass and mirrors.
  • Grace Period The term Grace Period applies to the payment of premiums during a specific period of time after a premium payment due date within which time the renewal premium can be paid without penalty. The length of the grace period is specified in a grace period provision that is found in a life insurance, health insurance, or annuity policy. There may also be premium payment grace periods for policyholders making monthly payment arrangements.
  • Graduated Drivers Licenses Are licenses for youthful drivers allowing them to improve their skills. Each state establishes their own regulations and some states restrict driving hours, number of people in the auto as well as other conditions. A young driver receives a learner’s permit, and then follows the provisions before they can graduate and receive a standard driver’s license.
  • Group Insurance refers to a single policy covering a group of people. Most common as an employee benefit or for members of the same association and their dependents. Coverage occurs under a master policy issued to the employer or association. The most common group insurance policy is group health.
  • Group Life Insurance is a form of life insurance issued on a whole group of people insured under a single master policy. Commonly offered by employers in employee benefits packages or to the members of an association. Group life policy’s often don’t require a medical examination
  • Guaranteed Replacement Cost Coverage as part of a Homeowners insurance policy guaranteed replacement cost coverage pays the cost to replace or repair a damaged or destroyed home, even when that actual cost is more then the policy limit. This type of insurance may also be called extended replacement coverage.

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Glossary of Insurance Terms:

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