12/14/2017 12:58:15 pm   
 
Glossary of Insurance Terms:         A |  B |  C |  D |  E |  F |  G |  H |  I |  J |  K |  L |  M |  N |  O |  P |  Q |  R |  S |  T |  U |  V |  W |  X |  Y |  Z

Garage Liability Insurance: Insurance coverage for the legal liability of automobile dealers, garages, repair shops and service stations for bodily injury and property damage arising out of their business operations

Garagekeepers Coverage: Provides coverage to owners of storage garages, parking lots and body and repair shops for their liability of damage to automobiles left in their custody for safekeeping or repair

General Aggregate Limit: The maximum amount of insurance payable during the policy period for losses (other than those arising from the products - completed operations hazards as covered under the standard commercial general liability policy)

General Liability Insurance: Insurance protecting businesses from most liability exposures other than automobile and professional liability

Glass Insurance: A property insurance policy covering breakage of building glass regardless of cause

Governing Classification: In Workers' Compensation Insurance, the classification that best describes the workers' compensation exposure of an employer's business

Grace Period: Period of time after the due date of a premium during which the policy remains in force without penalty.

Graded Premium Policy: A type of whole life policy designed for people who want more life coverage than they can currently afford. They pay a lower premium rate that increases gradually over the first three to five years and then remains constant over the life of the policy.

Gross Negligence: Willful and wanton misconduct

Gross Vehicle Weight (GVW): The weight specified by a manufacturer for the maximum total loaded weight of a single vehicle

Guaranteed Term: A form of renewable term insurance that remains in force as long as the premiums are paid on time. With guaranteed term insurance, the insurance company cannot terminate the policy during the term.

Abandonment: As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.

Accelerated Benefits Rider: An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury.

Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy.

Accidental Death Insurance: An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.

Accounts Receivable Coverage: Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records

Actual Cash Value (ACV): Cost to repair or replace damaged property with materials of like kind and quality, less depreciation

Additional Insured: A person or organization for whom insured status is arranged by endorsement

Advertising Injury: General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services

Agent: An authorized representative of an insurance company.

Aggregate: The maximum amount an insurance company will pay during the policy

All Risk Coverage: Property insurance covering loss arising from all causes of loss except those that are specifically excluded

Annually Renewable Term: Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year.

Application: A form with the information needed for an insurance company to underwrite and rate a specific policy  

Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another.

Attained Age: Your current age. Your attained age is a factors life insurance companies use to determine premiums.

Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums

Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'

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