GEICO
-
Government Employees Insurance Company
and its affiliates GEICO General Insurance Company, GEICO
Indemnity Company and GEICO Casualty Company market
collectively under the trademarks GEICO and GEICO Direct.
GEICO Direct -
A brand name that includes all of the GEICO companies.
GEICO Overseas -
A
program provided by International Insurance Underwriters, Inc.
that provides automobile and property insurance outside the
United States.
Good student discount -
May
be awarded to full-time students who maintain a grade average
of "B" or better.
General Liability Insurance - Insurance
designed to protect business owners and operators from a wide
variety of liability exposures. Exposures could include
liability arising from accidents resulting from the insured's
premises or operations, products sold by the insured,
operations completed by the insured, and contractual
liability.
Gross
Leverage - The sum of net leverage and ceded
reinsurance leverage. This ratio measures a company's gross
exposure to pricing errors in its current book of business, to
errors of estimating its liabilities, and exposure to its
reinsurers.
GRAMM-LEACH-BLILEY ACT - Financial services
legislation, passed by Congress in 1999, that removed
Depression-era prohibitions against the combination of
commercial banking and investment-banking activities. It
allows insurance companies, banks, and securities firms to
engage in each others’ activities and own one another.
GROUP INSURANCE -
A single policy covering a group of individuals, usually
employees of the same company or members of the same
association and their dependents. Coverage occurs under a
master policy issued to the employer or association.
GUARANTEE PERIOD -
Period during which the level of interest specified under a
fixed annuity is guaranteed.
GUARANTEED
DEATH BENEFIT - Basic death benefits guaranteed
under variable annuity contracts.
GUARANTEED INCOME CONTRACT / GIC -
Often an option in an employer-sponsored retirement savings
plan. Contract between an insurance company and the plan that
guarantees a stated rate of return on invested capital over
the life of the contract.
GUARANTEED
LIVING BENEFIT - A guarantee in a variable annuity
that a certain level of annuity payment will be maintained.
Serves as a protection against investment risks. Several types
exists.
GUARANTEED
REPLACEMENT COST COVERAGE - Homeowners policy that
pays the full cost of replacing or repairing a damaged or
destroyed home, even if it is above the policy limit. (See
Extended replacement cost coverage)
GUARANTY FUND - The
mechanism by which solvent insurers ensure that some of the
policyholder and third party claims against insurance
companies that fail are paid. Such funds are required in all
50 states, the District of Columbia and Puerto Rico, but the
type and amount of claim covered by the fund varies from state
to state. Some states pay policyholders’ unearned
premiums – the portion of the premium for which no
coverage was provided because the company was insolvent. Some
have deductibles. Most states have no limits on workers
compensation payments. Guaranty funds are supported by
assessments on insurers doing business in the state.
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.
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.
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