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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.
general liability insurance
Insurance; Life insurance
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 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 ...