Life insurance

Life insurance

Industry: Insurance

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Life insurance

general account

Insurance; Life insurance

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.

Insurance designed to protect business owners and operators from a wide variety of liability exposures. Exposures could include liability arising from accidents resulting from the insured's premises ...

grace period

Insurance; Life insurance

The length of time (usually 31 days) after a premium is due and unpaid during which policy, including all riders, remains in force. If a premium is paid during grace period, the premium is ...

gross leverage

Insurance; Life insurance

The sum of net leverage and ceded reinsurance leverage. This ratio measures a company's gross exposure to pricing errors in its current book of business, to errors of estimating its liabilities, and ...

guaranteed insurability option

Insurance; Life insurance

See "future purchase option."

guaranteed issue right

Insurance; Life insurance

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

guaranteed renewable

Insurance; Life insurance

A policy provision in many products which guarantees the policyowner the right to renew coverage at every policy anniversary date. The company does not have the right to cancel coverage except for ...