Insurance Terms
Gap Coverage: When Lisa knows, she will tell us
Garage Coverage Form: A coverage form that is part of the Commercial Auto Coverage Part and which provides coverage for garage businesses (dealers, service stations, garages, parking lots, etc.). Includes coverage for liability, physical damage and garagekeepers losses arising out of owned, nonowned and hired autos.
Garagekeepers Liability: A coverage which is part of the Garage coverage
form. Covers a garage risk’s legal liability for customers autos in the care,
custody or control of the garage. At the insured’s option, can also apply
without regard to fault, for an additional premium.
General Average: An Ocean Marine term used to indicate a partial loss
resulting from a sacrifice of cargo to save remaining property (jettison). Each
party shares in the loss in proportion to their total interest in property being
transported.
General Liability: A category of insurance which includes most of a business’s
liability exposures. Exposures covered include premises and operations,
products and completed operations, contractual liability, and contingent
liability.
Glass Coverage Form: One of the Commercial Property forms that can be
included in the Commercial Package policy. Includes glass specified in a
schedule and may include the value of lettering or ornamentation on the glass.
Grace Period: In Health insurance, a period during which the policy will remain
in force, if unpaid by the premium due date. Florida law specifies the
required length of the grace period.
Group Insurance: A policy issued to cover more than one person or interest,
such as group life or hospitalization on all employees of a firm.
Guaranteed Renewable: A Health insurance policy provision that states that
the insurer must renew the policy to a certain age. While the company cannot
fail to renew the policy until the specified age, it can increase the premium.
