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GAAP ACQUISITION RESERVE (Table: PLAN_VALUES): Enter the GAAP Acquisition Reserve factor per thousand for this age and duration.
GAAP BENEFIT RESERVE (Table: PLAN_VALUES): Enter the GAAP Benefit Reserve factor per thousand for this age and duration.
GAAP NON-ACQUISITION RESERVE (Table: PLAN_VALUES): Enter the GAAP Non-Acquisition Reserve factor per thousand for this age and duration.
GAAP reserves: Reserves that are calculated in accordance with generally accepted accounting principles.
GAAP STATUTORY RESERVE (Table: PLAN_VALUES): Enter the GAAP Statutory Reserve factor per thousand for this age and duration.
General account: An undivided account in which life and health insurers formerly recorded all incoming funds. General accounts are still usually insurers' largest accounts, but since the early 1960s, life and health insurers have begun using other accounts as well. See also separate account.
General agency distribution system: Along with the branch office system, the general agency distribution system is part of the agency system, which is the most common system used to sell individual life insurance products. Under the general agency system, each field office is headed by a general agent, who is an independent entrepreneur under contract to the insurer. As an independent entrepreneur, the general agent has a great deal of control over how the field office is to operate. Typically, the staff of the field office is employed by the general agent, not the insurer; salaries and office expenses are paid by the general agent, not the insurer; and the soliciting agents are under contract to the general agent, not the insurer. In a traditional general agency system, all commissions from the insurer are paid to the general agent. The general agent keeps a portion of each commission, called an overriding commission, and then pays the remaining commission to the appropriate soliciting agent. Some insurers have modified this procedure and now pay commissions directly to soliciting agents and overriding commissions directly to general agents. See also agency system, branch office distribution system, and overriding commission.
General agent (GA): The individual in charge of a field office of an insurer that uses the general agency distribution system. The general agent is an independent entrepreneur who is under contract to the insurer.
Generally accepted accounting principles (GAAP): The set of accounting principles used by most firms outside the life insurance industry and sometimes used by life and health insurance companies. GAAP is based on the going-concern concept of asset valuation.
GI rider: See guaranteed insurability (GI) rider.
GIC: See guaranteed investment contract (GIC).
Good health provision: A provision contained in some group credit policies stating that a policy is void if the insured was not in good health when the application was signed or when the policy was delivered, whichever was specified in the contract.
Grace period: The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.
Graded-premium whole life insurance: A type of whole life insurance in which premiums increase once or at specified points in time, such as every three years, until a premium that remains level is reached.
Gross premium: The amount that policy owners actually pay for their insurance. The gross premium equals the net premium plus the loading.
Group creditor life insurance: Group insurance coverage wherein a master contract is issued to cover the lives of current and future debtors of the policy owner. The beneficiary of such coverage is the policy owner.
Group deferred annuity: A type of annuity sometimes used to fund a pension plan. Employer contributions under a group deferred annuity contract are used to purchase deferred annuities to provide for the retirement benefits of plan participants.
Group insurance: Insurance that provides coverage for several people under one contract, called a master contract.
Group life insured: In Canada, the persons who are insured by a group life insurance contract. Usually simply called "insured" in the United States.
Group ordinary life insurance: Group life insurance in which at least a part of the coverage is permanent and builds a cash-value.
GROUP OWNER NUMBER (Table: GRP_POL): The client code for the group owner. Before creating a new client record it is good practice to ensure that a record does not already exist for this group owner-- use the ALPHA SEARCH facility to perform this search ('?'). Equally, if you know the client's alpha name but not their number you may use the same facility to find the correct client details.
Group paid-up insurance: A type of contributory group life insurance in which the employee's contributions are used to purchase paid-up whole life insurance and the employer's contributions are used to purchase term insurance. The amount of insurance coverage on each employee remains level each year. Therefore, as the amount of paid-up insurance on an employee increases over time, the amount of term insurance which the employer must purchase to make up the difference decreases.
Group permanent life insurance: Any of several types of life insurance which build a cash value and are underwritten on a group basis. Group permanent life insurance is often used to fund group pension plans and/or to provide life insurance coverage that will continue after retirement.
Group persons insured: In Canada, the persons who are insured by a group health insurance contract. Usually simply called "insured" in the United States.
Group practice model (GPM): A means of organizing a health maintenance organization (HMO) in which the physicians in the HMO share a central facility. See also individual practice association (IPA).
Group representative: A salaried insurance company employee who deals solely with the distribution of group insurance products. The primary responsibilities of group representatives include finding prospects, designing proposals, installing the product, and renegotiating the policy at renewal.
Group RRSP: In Canada, a collection of individual registered retirement savings plans (RRSPs) established and maintained by an employer in order to help employees save for retirement. Each RRSP within the group is owned entirely by the employee. Employer contributions therefore become vested as soon as they are made.
GROUP SUSPENSE (Table: GRP_POL): A Suspense value allocated to the Group Policy. This is unallocated cash, and does not relate to Certificate suspense.
Group universal life insurance (GUL): Group life insurance for which the insured usually pays the full premium and can choose the amount of premium to pay, and in which the death benefit is determined by the amount of the premium. The insured can vary the premium and death benefit amounts during the life of the policy. Like individual universal life insurance, GUL is designed to combine insurance protection with a savings/investment element. In addition, GUL is usually "portable," which means that a group member who leaves the group can continue coverage under the group plan. Sometimes called a Group Universal Life Program (GULP). See also universal life insurance.
GTRN KEY (Table: POST_VOUCHER_BILL): Genacctrn key that was written when post voucher bill paid
GUAR MIN FACTOR (Table: PLAN_VALUES): This is the factor used in the calculation of the guaranteed minimum.
GUARANTEED BASIS RATE (Table: VALUATION_PRICES): This is the guaranteed basis rate for this fund with the associated term.
Guaranteed Income Supplement (GIS): In Canada, a supplemental monthly benefit available to Old Age Security (OAS) recipients who receive less income than a stated amount.
Guaranteed Insurability (GI) rider: An amendment to a life insurance policy that gives the policy owner the right to purchase additional insurance of the same type as provided in the original policy. The additional insurance can equal no more than an amount specified in the policy contract and can be purchased at specified premium rates and at specified times without new evidence of insurability. Also called a policy purchase rider.
Guaranteed investment contract (GIC): A pension plan funding vehicle in which an insurer accepts a single deposit from a plan sponsor for a specified period of time, such as five years, and holds the deposit at a specified rate of interest. At the end of the period, the deposited funds, including accumulated interest, are returned to the plan sponsor, who can reinvest the plan assets with the insurer or with another party. Also called a guaranteed income contract or a guaranteed interest contract.
Guaranteed renewable policy: An individual health insurance policy that specifies that the insurer will continue the policy until the insured reaches a specified age, if premium payments are made when due. The insurer can change premium rates for broad classes of insured. See also cancelable policy, conditionally renewable policy, non-cancelable and guaranteed renewable policy, non-cancelable policy, and optionally renewable policy.
Guaranteed-issue insurance: Insurance coverage for which there is usually no individual underwriting. All eligible members of a particular group of proposed insured who apply for the policy and who meet certain conditions are automatically issued a policy.
Guaranty association: In the insurance industry, an organization whose purpose is to protect policy owners from losses suffered through the insolvency of an insurance company.
Guide to buying life insurance: In Canada, a written statement developed by the Canadian Life and Health Insurance Association (CLHIA) which describes all of the types of life insurance available and is intended to help prospects for life insurance compare the advantages and disadvantages of each type of policy.
Guidelines Governing Group Accident and Sickness Insurance: In Canada, Superintendents' Guidelines that regulate several aspects of group health insurance contracts, including the types of groups to which a group health insurance contract may be issued and the particulars that must be included in the certificate issued to each person insured by the contract. See also Superintendent's Guidelines.
Guidelines Governing Group Life Insurance: In Canada, a set of guidelines issued by the Canadian Council of Insurance Regulators which specifies, among other things, the types of groups which are eligible for group life insurance.