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General
GA.
See Agent.
GAAP.
See Generally Accepted Accounting Principles.
GAB.
See Adjustment Bureau, Inc.
GI Insurance.
See United States Government Life Insurance.
Gain and Loss Exhibit.
The portion of the convention blank which represents an analysis of gains,
losses, and surplus during an accounting period.
Gambling.
The creation of a situation where there is a chance of either loss or gain.
This is the opposite of insurance, which either eliminates or reduces the
risk of loss and presents no chance of gain.
Adjustment Bureau, Inc. (GAB)
An independent company which adjusts claims of all types for insurance companies.
GAB also provides training programs for adjusters.
and Insurance Expense.
See Operating Expense.
Operating Expense.
The expense of an insurer other than commissions and taxes. Called "
and Insurance Expense" in the convention statement blank.
Partnership.
A business enterprise owned and operated by two or more persons for the
purpose of generating business income and profits.
Generally Accepted Accounting Principles (GAAP).
These principles have substantial authoritative support for use in the insurance
business. They are intended to produce financial results consistent with
those of other industries and to assure consistency in financial reporting.
Contrast with Statutory Accounting Principles.
Geographical Limitation.
A contractual provision which is specifically names geographical areas outside
of which the insurance is not effective. Same as Territorial Limitation.
Gift Tax.
Both federal and state governments have gift tax laws which tax gifts made
by one person to another.
Goodwill.
An intangible business asset. It refers to the value of a business which
has been built up through the reputation of the business concern and its
owners.
Graded Commission.
A compensation scale for agents which provides for varying commission rates
depending upon the class, type, or volume of insurance written. Contract
with Flat Commission.
Grantee.
The buyer of real estate.
Grantor.
The seller of real estate.
Gross Line.
The total limit accepted by an insurer on an individual risk, including
the amount to be reinsured.
Gross Premium.
The net premium plus operating expenses, commissions and other expenses.
Group of Companies.
See Fleet of Companies.
Guaranteed Continuable.
See Guaranteed Renewable.
Guaranty Funds.
Funds created by state law from contributions by insurance companies operating
in the state which are used to make good any unpaid claims or otherwise
to make money available to insolvent companies. Each state which has a fund
has a different plan. See Insurance Guaranty Act. Same as Insolvency Funds.
Guiding Principles.
Rules established by major Property and Liability trade associations for
the adjustment of losses, particularly with respect to how losses should
be apportioned between insurance companies under certain circumstances.
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