Definition and meaning of FRATERNAL BENEFIT SOCIETY :

FRATERNAL BENEFIT SOCIETY*: See Fraternal insurer

(Source: Insurance Information Institute )

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Definition and meaning of FRATERNAL INSURER :

FRATERNAL INSURER*: A nonprofit organization that is operated solely for the benefit of its members and that provides its members with social and insurance benefits. Also known as fraternal benefit society.

(Source: Insurance Information Institute )

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Definition and meaning of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES/GAAP :

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES/GAAP: 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)

(Source: Insurance Information Institute )

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Definition and meaning of GENERIC AUTO PARTS :

GENERIC AUTO PARTS: 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)

(Source: Insurance Information Institute )

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Definition and meaning of GUARANTEED DEATH BENEFIT :

GUARANTEED DEATH BENEFIT: Basic death benefits guaranteed under variable annuity contracts.

(Source: Insurance Information Institute )

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Definition and meaning of GUARANTEE PERIOD :

GUARANTEE PERIOD: Period during which the level of interest specified under a fixed annuity is guaranteed.

(Source: Insurance Information Institute )

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Definition and meaning of GUARANTEED INCOME CONTRACT / GIC :

GUARANTEED INCOME CONTRACT / GIC: 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.

(Source: Insurance Information Institute )

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Definition and meaning of GUARANTEED INSURABILITY, GI BENEFIT :

GUARANTEED INSURABILITY (GI) BENEFIT*: A supplementary life insurance policy benefit often provided through a policy rider that gives the policy owner the right to purchase additional insurance of the same type as the life insurance policy that provides the GI benefit on specified option dates. Also known as guaranteed insurability option (GIO).

(Source: Insurance Information Institute )

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Definition and meaning of GUARANTEED LIVING BENEFIT :

GUARANTEED LIVING BENEFIT: 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 exist.

(Source: Insurance Information Institute )

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Definition and meaning of GROUP INSURANCE :

GROUP INSURANCE: 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.

(Source: Insurance Information Institute )

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Definition and meaning of GROSS ANNUITY COST :

GROSS ANNUITY COST*: A monetary amount equal to the present value of future periodic income payments under an annuity contract, calculated on a gross basis, with a specific provision for expense loading. Contrast with net annuity cost.

(Source: Insurance Information Institute )

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Definition and meaning of GRACE PERIOD :

GRACE PERIOD*: (1) For insurance premium payments, a specified length of time following a premium due date within which the renewal premium may 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. (2) For purchases made on credit, a period of time between the date of a purchase and the date the lender begins to charge interest during which no interest accrues.

(Source: Insurance Information Institute )

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Definition and meaning of GLASS INSURANCE :

GLASS INSURANCE: 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.

(Source: Insurance Information Institute )

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Definition and meaning of GRADED PREMIUM POLICY :

GRADED PREMIUM POLICY*: A type of modified-premium whole life policy that calls for three or more levels of annual premium payment amounts, increasing at specified points in time - such as every three years - until reaching the amount to be paid as a level premium for the rest of the life of the policy.

(Source: Insurance Information Institute )

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Definition and meaning of GRADUATED DRIVER LICENSES :

GRADUATED DRIVER LICENSES: Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often restrict nighttime driving. Young drivers receive a learnerÕs permit, followed by a provisional license, before they can receive a standard driverÕs license.

(Source: Insurance Information Institute )

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Definition and meaning of GRAMM-LEACH-BLILEY ACT :

GRAMM-LEACH-BLILEY ACT: 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 othersÕ activities and own one another.

(Source: Insurance Information Institute )

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Definition and meaning of FLOATER :

FLOATER: Attached to a homeowners policy, a floater insures movable property, covering losses wherever they may occur. Among the items often insured with a floater are expensive jewelry, musical instruments and furs. It provides broader coverage than a regular homeowners policy for these items.

(Source: Insurance Information Institute )

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Definition and meaning of FLEXIBLE PREMIUM :

FLEXIBLE PREMIUM*: A premium payment method sometimes offered in connection with annuities and with some types of life insurance that allows the contract owner or policy owner to alter the amount and the frequency of payments, within specified boundaries defined by the insurer and the law.

(Source: Insurance Information Institute )

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Definition and meaning of FACULTATIVE REINSURANCE :

FACULTATIVE REINSURANCE: A reinsurance policy that provides an insurer with coverage for specific individual risks that are unusual or so large that they arenÕt covered in the insurance companyÕs reinsurance treaties. This can include policies for jumbo jets or oil rigs. Reinsurers have no obligation to take on facultative reinsurance, but can assess each risk individually. By contrast, under treaty reinsurance, the reinsurer agrees to assume a certain percentage of entire classes of business, such as various kinds of auto, up to preset limits.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT ENHANCEMENT :

CREDIT ENHANCEMENT: A technique to lower the interest payments on a bond by raising the issueÕs credit rating, often through insurance in the form of a financial guarantee or with standby letters of credit issued by a bank.

(Source: Insurance Information Institute )

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Definition and meaning of FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS / FAIR PLANS :

FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS / FAIR PLANS: Insurance pools that sell property insurance to people who canÕt buy it in the voluntary market because of high risk over which they may have no control. FAIR Plans, which exist in 28 states and the District of Columbia, insure fire, vandalism, riot and windstorm losses, and some sell homeowners insurance which includes liability. Plans vary by state, but all require property insurers licensed in a state to participate in the pool and share in the profits and losses. (See Residual market)

(Source: Insurance Information Institute )

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Definition and meaning of FAMILY BENEFIT COVERAGE :

FAMILY BENEFIT COVERAGE*: A type of supplementary benefit rider offered in conjunction with a life insurance policy that insures the lives of the insuredÕs spouse and children. Also known as dependent life insurance and spouse and childrenÕs insurance rider.

(Source: Insurance Information Institute )

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