Insurance terms starting with G

8 terms

1. Gap Insurance Insurance coverage that pays the difference between what you owe on your auto loan and your totaled car’s actual cash value.
2. Good Driver Plan A rating program offered by some insurance companies that reduces your premium if you have had no accidents or traffic violations within a specified time…
3. Grace Period A time period after the due date that you may pay a premium without penalty. The policy remains in force during this time.
4. Grandfathering An exemption based on circumstances previously existing. Under the NFIP, buildings located in Emergency Program communities and Pre-Flood Insurance Rate…
5. Group Flood Insurance Policy (GFIP) Issued by the NFIP Direct Program in response to a presidential disaster declaration.
6. Group of companies Several insurance companies under common ownership and often common management.
7. Guaranteed Insurability An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
8. Guaranteed Replacement Cost Coverage Endorsement that lets you replace your home without subtracting for depreciation, even if it costs more than the policy limit.