Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 17 of 17 matching terms
Terms beginning with G
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GAP insurance
Auto insurance - Coverage or a waiver that may address some difference between a totaled vehicle’s value and the amount still owed on its loan or lease.
- Also called: guaranteed asset protection
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Garage liability insurance
Business insurance - Liability coverage designed for certain auto-related businesses for covered operations and use of business vehicles.
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Garaging address
Auto insurance - The primary location where an insured vehicle is kept, which insurers may use in underwriting and rating.
- Also called: vehicle garaging location
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General aggregate limit
Business insurance - The maximum an insurer will pay for certain covered liability losses during the policy period.
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General liability insurance
Business insurance - Coverage that may protect a business from certain third-party bodily injury, property damage, and personal injury claims.
- Also called: commercial general liability, CGL
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Generic drug
Health insurance - A drug approved as equivalent to a brand-name drug in active ingredient, strength, dosage form, and route of administration.
- Also called: generic medication
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Grace period
Life insurance - A period after a premium due date when a policy may remain in force under its terms.
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Grandfathered health plan
Health insurance - A health plan that existed before the Affordable Care Act and keeps that status while meeting applicable requirements.
- Also called: grandfathered plan
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Group captive
General insurance - A captive insurance company owned by multiple businesses that pool similar risks.
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Guaranteed cost plan
General insurance - An insurance arrangement in which the insured pays a fixed premium and transfers covered loss risk to the insurer.
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Guaranteed insurability rider
Life insurance - A rider that may allow additional life coverage at specified times without new medical underwriting, subject to policy limits.
- Also called: guaranteed purchase option
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Guaranteed issue
Health insurance - A rule requiring insurers to offer coverage to eligible applicants without denying them because of health status in markets where the rule applies.
- Also called: guaranteed availability
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Guaranteed issue life insurance
Life insurance - Life insurance generally offered without medical underwriting questions, subject to the policy’s terms and limits.
- Also called: guaranteed acceptance life insurance
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Guaranteed minimum death benefit
Life insurance - A variable annuity feature promising a minimum death benefit under stated conditions, regardless of investment performance.
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Guaranteed minimum income benefit
Life insurance - A variable annuity rider guaranteeing a specified minimum income base or withdrawal benefit under its terms.
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Guaranteed replacement cost
Auto insurance - Homeowners coverage designed to pay the full cost to rebuild a covered home, even above the stated limit, subject to terms.
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Guaranty association
General insurance - A state-created safety net that may pay certain covered claims when a licensed insurer becomes insolvent, subject to limits and eligibility rules.
- Also called: insurance guaranty fund