Term Life Insurance

Saturday, October 01, 2016
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Life Insurance Glossary

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G

Gift Tax:
A federal and state gift tax on the transfer of property.

Grace Period:
A period of 30 or 31 days after the premium due date when the insured can pay the premium and keep the policy current while the policy remains in force.

Graded Premium:
A life insurance policy with a low initial premium that increases over a period of time until it becomes level.

Group Life Insurance:
Life insurance offered to members of a group, usually employees. The employee typically has a master policy and all employees are offered some coverage without any underwriting requirements. The premiums may be paid by the employer, the employee or both.

Guranteed Issue:
The purchase of insurance without an exam in which the present and past physical conditions of the applicant are not measured.


For more reference, click on any of the letters below to find life insurance terms that begin with that letter.
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