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General Agency System- Type of life insurance marketing system in which the common agent is an independent businessman who represents only one insurer, is responsible of a territory, and is accountable for hiring, training, and for motivating new agents.

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Generation Skipping Tax - A transfer tax imposed on a gift or heritage to those at least two age group younger than the person making the transfer.

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Gift - Gift is a deliberate transfer of property from one person to another, made without getting consideration in return.

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Grace Period - A period of time after the insurance premium due date, generally 30 or 31 days, during which an insurance policy stays in force and the unpaid premium might be paid without penalty.

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Gross Premium - It is the full amount of insurance premium, overlooking taxes or deductions.

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Graded Commission Scale - A commission scale provided for payment of a high first-year fee and lower renewal commissions.

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Gross estate - All of the assets and liabilities possessed at death.

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Gross Negligence - It is a failure to do a patent duty in irresponsible ignore of the consequences as affecting the life or any property of another.

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Gross Rate - This is a sum of the clean premium and a loading element.

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Group Life Insurance - This group life insurance is generally without medical examination, on a group of people under a major insurance policy.

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Guaranteed Addition - Guaranteed additions are intended at a rate per every thousand of amount assured. They are added to the base sum guaranteed and are owed on admission of claim. This advantage is allowed only for each year for which insurance premiums are paid.

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Guaranteed Insurability - An option that allows the policy owner to purchase additional stated amounts of life insurance at mentioned times in the future without evidence of insurability.

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Guaranteed Investment Contract - It is an investment deal with an insurer in which the insurer guarantees both principal and the interest amount on a pension contribution.

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Guaranteed Premiums - The guaranteed maximum payment for the bought policy.

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Guaranteed Purchase Option - The benefit that could be added to a life insurance policy allowing the insured to buy additional amounts of life insurance at particular times in the future without requiring proof of insurability.

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Guaranteed Renewable Contract - An agreement that the insured person or body has the right to carry on in force by the timely imbursement of premiums for a considerable period of time.

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Guaranty Fund - A fund, derived from evaluations against solvent insurance companies, to absorb losses of applicants against bankrupt insurance companies.

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