Wieben Insurance Services

Insurance Glossary.....

The information in this glossary is intended to be general in nature and should not be construed as specific recommendations, nor as a substitute for the advice of a professional insurance broker who is familiar with a client's particular exposures or circumstances.

We have endeavored however, to provide information that is as reliable as possible, and request that you contact our professionals at Wieben Insurance Services for the correct application in your particular situation.

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 Account:

All premiums are paid into an insurer's general account. Thus, buyers are subject to credit-risk exposure to the insurance company, which is low but not zero.

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 Insurability Option:

See "future purchase option."

Guaranteed Issue Right:

The right to purchase insurance without physical examination; the present and past physical condition of the applicant are not considered.

Guaranteed Renewable:

A policy provision in many products which guarantees the policy owner the right to renew coverage at every policy anniversary date. The company does not have the right to cancel coverage except for nonpayment of premiums by the policy owner; however, the company can raise rates if they choose.

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.

Guaranty Association:

An organization of life insurance companies within a state responsible for covering the financial obligations of a member company that becomes insolvent.