Definition and meaning of Group Major Medical Plan :

Group Major Medical Plan: See Supplementary Major medical Insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Permanent Plan :

Group Permanent Plan: Type of pension plan in which cash value life insurance is issued on a group basis and cash values in each policy are used to pay retirement benefits when a worker retires.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Survivor Income Benefit Insurance, SIBI :

Group Survivor Income Benefit Insurance (SIBI): See Survivor Income Benefit Insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Universal Life Products, GULP :

Group Universal Life Products (GULP): Universal life insurance plans sold to members of a group, such as individual employees of an employer. There are some differences between GULP plans and individual universal life plans; for instance, GULP expense charges generally are lower than those assessed against individual policies.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Term Life Insurance :

Group Term Life Insurance: Most common form of group life insurance. Yearly renewable term insurance on employees during their working careers.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Life Insurance :

Group Life Insurance: Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold certificates as evidence of their insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Insurance :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Gross Rate :

Gross Rate: The sum of the pure premium and a loading element.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Gross Premium :

Gross Premium: The premium paid by the policyholder.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Annuity :

Group Annuity: A pension plan providing annuities at retirement to a group of people under a master contract. It is usually issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their annuities.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Annuity Contract :

Group Annuity Contract: A contract issued by a life insurance company that may be used as the funding instrument for benefits to be made in accordance with a pension plan. A single master contract provides that the group of persons participating in the plan will receive annuities during retirement. Individual certificates stating coverage may be issued to members of the group.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Creditor Life Insurance :

Group Creditor Life Insurance: Life insurance provided to debtors by a lending institution to provide for the cancellation of any outstanding debt should the borrower die. Normally term insurance limited to the amount of the loan.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Group Contract :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Guaranteed Cost Insurance :

Guaranteed Cost Insurance: A policy of insurance that costs the insured a fixed amount of premium, regardless of the amount of losses that may arise.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Guaranteed Insurability Option :

Guaranteed Insurability Option: (see "Future Increase Option")

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Health Insurance :

Health Insurance: Protection which provide payment of benefits for covered sickness or injury. Included under this heading are various types of insurance such as accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Health Insurance :

Health Insurance: Insurance against financial losses resulting from sickness or accidental bodily injury.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Health Insurance :

Health Insurance: Insurance providing for the payment of benefits as a result of sickness or injury. Includes various types of insurance such as accident insurance, disability income insurance, medical expense insurance, accidental death insurance, and dismemberment insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Health Maintenance Organization, HMO :

Health Maintenance Organization (HMO): An organization that provides a wide range of comprehensive health care services for a specified group at a fixed periodic payment. The HMO can be sponsored by the government, medical schools, hospitals, employers, labor unions, consumer groups, insurance companies, and hospital-medical plans.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of High-Risk Automobile Insurer :

High-Risk Automobile Insurer: Company that specializes in insuring motorists who have poor driving records or have been canceled or refused insurance.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Hedging :

Hedging: Technique for transferring the risk of unfavorable price fluctuations to a speculator by purchasing and selling options and futures contracts on an organized exchange.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Hazard :

Hazard: Condition that creates or increases the chance of loss.

(Source: The Haskayne School of Business at the University of Calgary )

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