Insurance Glossary

Insurance Gobbledygook Made Simple

Plain english explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.

GGAP coverage pays for the gap between the amount due under a lease and the actual cash value of the car at the time of the accident.Gatekeepera term applied to a primary care physicianGrace period the time, usually 30-31 days, following the premium date, during which you can pay an overdue premium while keeping your insurance policy in force throughout this period.Grievance procedure the required appeal process an HMO/insurance company provides to protest a decision regarding a claim paymentGroup lifelife insurance plans provided often through one’s job, association, or other organization where the individual members of the group receive certificates rather than policies as evidence of their insurance.Guarantee issuean insurance policy that is issued to anyone, regardless of prior medical history.Guaranteed insurability an option that allows the policyholder the right to buy additional life insurance at specific times in the future, without having to answer questions about his or her health.Guaranteed rate the minimum interest rate that the insurance company promises to pay to a policyholder’s cash value.Guaranteed renewablean agreement by an insurance company to insure a person for as long as premiums are paid.