Life Insurance Glossary - G

General average (in marine insurance)
A loss that must be borne partly by someone other than the owner of the goods that were lost or destroyed: for example, if it is necessary to jettison cargo to save a ship, the owners of the ship and the rest of the cargo that is saved will share in the loss of the goods that were intentionally sacrificed.

General damages
Damages awarded to an injured persons for intangible loss which cannot be measured directly by rupees. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded from actual economic loss, such as medical costs, loss of income, etc.

Grace period
The period of time following the due date of a policy premium during which the payment of the premium will continue the policy and during which the policy is in full force and effect

Graded commission
A reduced commission justified by the size of the premium

Gross Negligence
Intentional failure to perform a duty, reckless disregard of the consequences as affecting the life or property of another

Gross Premium
The premium paid by the policyholder.

Gross Profit
The figure calculated by adding turnover to closing stock and work in progress and subtracting from this amount the sum of the opening stock and work in progress and the variables selected by the insured (usually defined as specified working expenses).

Group insurance
Any insurance plan under which a number of employees and their dependants are insured under a single policy, issued to their employer, with individual certificates given to each insured employee; the most commonly written lines are life and accident and health.


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