Glossary of Insurance Terms

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Generic Drugs: Drugs which are chemically equivalent to / Brand Name Drugs whose patent has expired and which are approved by the Federal Food and Drug Administration (FDA).

Grace Period: The period of time between a premium's due date and the date the policy will lapse if the premium remains unpaid. This period is usually 30 days. If the insured dies during the grace period, the unpaid premium is deducted from the policy proceeds.

Group Life Insurance: A life insurance policy issued to a group of people, usually through an employer, union or association. Guaranteed Issue An insurance policy provision that allows a certain amount of insurance or type of insurance to be issued without medical evidence of insurability.

Guaranteed Rates: A life insurance policy provision that guarantees the premium rates will not change during the entire term of the policy. Most guaranteed term life insurance policies have guaranteed rates.

Guaranteed Term Life Insurance: A type of renewable term life insurance that remains in force provided the policy premiums are paid on time.

Guaranteed Insurability: An insurance policy provision that allows the insured to buy additional fixed amounts of life insurance at fixed time intervals without evidence of insurability.

Guaranteed Renewable: An insurance policy provision that guarantees an insurance policy will continue in force provided the policy premiums are paid on time. An insurance company can typically only cancel a guaranteed renewable insurance policy for non-payment of premium.

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