GLOSSARY OF TERMS

G TERMS

Garage Liability Insurance: Insurance coverage for the legal liability of

automobile dealers, garages, repair shops and service stations for

bodily injury and property damage arising out of their business

operations

Garagekeepers Coverage: Provides coverage to owners of storage

garages, parking lots and body and repair shops for their liability of

damage to automobiles left in their custody for safekeeping or repair

General Aggregate Limit: The maximum amount of insurance payable

during the policy period for losses (other than those arising from the

products - completed operations hazards as covered under the standard

commercial general liability policy)

General Liability Insurance: Insurance protecting businesses from most

liability exposures other than automobile and professional liability

Glass Insurance: A property insurance policy covering breakage of

building glass regardless of cause

Governing Classification: In Workers' Compensation Insurance, the

classification that best describes the workers' compensation exposure

of an employer's business

Grace Period: Period of time after the due date of a premium during

which the policy remains in force without penalty.

Graded Premium Policy: A type of whole life policy designed for people

who want more life coverage than they can currently afford. They pay a

lower premium rate that increases gradually over the first three to five

years and then remains constant over the life of the policy.

Gross Negligence: Willful and wanton misconduct

Gross Vehicle Weight (GVW): The weight specified by a manufacturer for

the maximum total loaded weight of a single vehicle

Guaranteed Term: A form of renewable term insurance that remains in

force as long as the premiums are paid on time. With guaranteed term

insurance, the insurance company cannot terminate the policy during

the term.