G
G - general liability insurance (a form of insurance designed to protect owners and operators of businesses from a wide variety of liability exposures)
GA - general agent (an individual appointed by a life or health, or other insurer, to administer its business in a given territory - individual is responsible for insurance agency operations in a particular area, including sale of life and health insurance, servicing policies already sold, recruiting and training agents, and providing administrative support)
GAAP - Generally Accepted Accounting Principles (broadly, in the accounting area, the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements - in the life insurance field, a type of accounting method designed to match revenues and expenses of an insurer, according to rules/guidelines established by the Financial Accounting Standards Board (FASB) and the American Institute of CPA's (AICPA) Audit Guide for Stock Life Insurance Companies - in contrast to GAAP, Statutory Accounting Principles (SAP), the accounting standards used in the insurance industry, are more conservative)
GAAS - Generally Accepted Auditing Standards (broad rules and guidelines used in preparing for and conducting audits of a client's financial statements)
GAB - General Adjustment Bureau, Inc. (national agency supported by property insurance companies which adjusts (settles) claims of all types for insurance companies and also provides training programs for adjusters - the bureau is used by companies that do not have their own claims adjusters)
GAMA - General Agents and Managers Association
GAMC - General Agents and Managers Conference (association of general agents and managers affiliated with the National Asssociation for Life Underwriting (NALU), having as an objective seeking solutions to common managerial problems)
GAO - General Accounting Office (independent agency which monitored, investigated, and reported to Congress on federal government operations until 2004, when it was replaced by, or renamed, the Government Accountability Office)
GAO - Government Accountability Office (independent agency that monitors, investigates, and reports to Congress on federal government operations, assessing the programs and the regulatory compliance of executive agencies - replaced the General Accounting Office in 2004)
GAP - guaranteed auto protection (insurance covering the difference between the actual cash value (ACV) of a damaged or stolen vehicle and the amount owed on the car under a loan or lease - GAP insurance pays the amount outstanding on a lease above the actual cash value (ACV) of a damaged or stolen vehicle)
GASB - Governmental Accounting Standards Board (body organized in 1984 by the Financial Accounting Foundation (FAF) to establish standards of financial accounting and reporting for state and local governmental entities - provides standards for external financial reports)
GC - guaranteed cost (premiums charged on a prospective basis without adjustment for loss experience during the policy period)
GCCI - Guy Carpenter Catastrophe Index
GCD - guaranteed cost discount (premium discount) (a volume discount applied to premiums that acknowledges the administrative cost savings associated with larger premiums - mostly used in workers compensation insurance)
GCW - gross combination weight (the value specified by the manufacturer as the maximum loaded weight of a truck/tractor plus the trailer or semi-trailer designed for use with the truck tractor)
GDP - Gross Domestic Product (economic measurement of the nominal value of all goods and services produced by a country within its boundaries in a one-year period)
GFCI - ground fault circuit interrupter
GHAA - Group Health Insurance Association of America
GHG - green house gas (carbon-based gas, such as carbon dioxide (CO2), which, when released into the atmosphere, is believed to contribute to global warming)
GI - GI insurance (United States Government Life Insurance) (a form of life insurance issued to members of the armed forces (GIs) during World War I until about the end of World War II)
GIC - Guaranteed Investment Contract (institutional investment sold by life insurance companies that guarantees principal and offers withdrawal flexibility - popular with 401(k) plans)
GINA - Genetic Information Nondiscrimination Act of 2008 (a federal law that prohibits the improper use of genetic information in both health insurance underwriting and pricing and in employment decisions - act prohibits health insurers from denying coverage to a healthy individual, or charging that person higher premiums based solely on a genetic predisposition to developing a disease in the future)
GIO - guaranteed insurability option (an optional feature in life and health insurance that guarantees the insured the right to purchase additional insurance without undergoing a medical examination or otherwise providing evidence of good health)
GIS - geographic information systems (generic term for information systems which can provide various types of geographic information, such as a Global Positioning Systems (GPS) )
GKLL - garagekeepers legal liability insurance (provides coverage to owners of storage garages, parking lots, boat and repair shops, etc., for liability as bailees with respect to automobiles left in their custody for safekeeping or repair)
GL - general ledger (in accounting, a formal ledger containing all the financial statement accounts of a business - certain accounts in the general ledger, termed control accounts, summarize detail entries booked in separate subsidiary ledgers (subsidiary ledgers are used where large volumes of entries are involved, so as not to overwhelm the general ledger with detailed entries) )
GL - general liability insurance (insurance protecting commercial insureds from most liability exposures other than automobile and professional liability)
GLB/GLBA - Gramm-Leach Bliley Financial Services Modernization Act of 1999 (federal legislation that removed the Glass-Steagall Act (1933) prohibitions barring cross-ownership of banks, securities firms, and insurance companies - in the insurance area, the impact of GLBA was to allow banks and securities firms to affiliate with insurance companies and to expand their financial activities to include the issuance and distribution of annuities and indemnification for death, disability, and damage - the repeal of the Glass-Steagall Act was considered by many to be a contributing factor to to 2008 economic collapse)
GLWB - Guaranteed Lifetime Withdrawal Benefits (benefits found in a variable annuity which provide income paid for life to the annuitant at a stipulated maximum withdrawal rate and minimum dollar amount regardless of a decline in the underlying portfolio)
GMDB - Guaranteed Minimum Death Benefit (in Universal Life Insurance policies, provision that guarantees minimum death benefits and premiums while building cash value)
GMIB - Guaranteed Minimum Income Benefit (provision used in the variable annuities area for guaranteed minimum income payments to the annuitant for life regardless of the underlying portfolio performance - usually does not take effect until the variable annuity has been in force for a minimum number of years)
GMWB - Guaranteed Minimum Withdrawal Benefit (feature of variable dollar annuities that guarantees the policy holder at a minimum the return of principal paid-in upon annuitization or withdrawal regardless of the level of the equities market)
GMWB - Guaranteed Minimum Withdrawal Benefit (in variable annuities, guaranteed minimum number of stipulated income payments to the annuitant regardless of the underlying portfolio performance - usually requires that the variable annuity be in force for a minimum number of years before the guarantee goes into effect)
GNEPI - gross/net earned premium income (method of calculating how much of a policy's premium has been "earned" over the policy term)
GNMA - Government National Mortgage Association (Ginnie Mae) (federal agency under the Department of Housing and Urban Development (HUD), which guarantees the timely payment of monthly principal and interest of securities created from federally insured loans)
GNP - Gross National Product (total value of all goods and services produced by companies located in the United States, as well as that produced by United States companies whose production facilities are outside the United States - Gross Domestic Product (GDP), in contrast, is limited to production within the boundaries of a country)
GNPI - gross/net premium income (method of recording how much of an insurance premium is considered to have been "earned")
GNWPI - gross/net written premium income (method of recording the insurance premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for)
GPO - Government Printing Office (agency responsible for printing the official reports and publications of U.S. government agencies)
GPO - guaranteed purchase option
GPS - Global Positioning System (a network of satellites allowing users with portable GPS devices to determine precise locations on the surface of the earth)
GRAT - Grantor Retained Annuity Trust (irrevocable trust into which the grantor places assets and receives, in turn, a fixed amount of income from a fixed annuity for a given number of years or until the grantor's death - when the term of the trust expires, assets are distributed to the beneficiaries)
GRIT - Grantor Retained Income Trust (irrevocable trust into which the grantor places assets and receives, in turn, the income from these assets, (or retains the use of these assets) for a stipulated period of time - at termination, the principal assets are transferred to the noncharitable beneficiary)
GRIT - Grantor Retained Interest Trust (irrevocable trust in which the grantor of the trust property receives an income for a fixed period of time)
GRUT - Grantor Retained Unitrust (irrevocable trust into which the grantor places assets and receives, in turn, a variable amount of income from a variable annuity for a given number of years or until the grantor's death - when the term of the trust expires, assets are distributed to the named remainder beneficiary(s))
GSI - guaranteed standard issue (an underwriting term used to describe the fact that a group insurance contract was issued, without reference to any medical underwriting - all group participants are covered regardless of health history)
GULP - Group Universal Life Program (group insurance benefit involving universal life insurance, which is a flexible life insurance product which pays much higher interest than conventional whole life and allows the insured to adjust the premium and death benefits)
GVW - gross vehicle weight (the value specified by the manufacturer as the maximum total loaded weight of a single vehicle)
GWP - gross written premium (the total premium written and assumed by an insurer before deductions for reinsurance and ceding commissions)