☰ ˟
Appointments Call Us
Logo
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Our Location
      • This Month's Tip
      • Community Involvement
    • BlogImage of right arrow
      • Do I really need Personal Umbrella Policy?
    • Get A Quote
    • Our Providers
    • Our Partners
    • Contact UsImage of right arrow
      • Inspro Professionals of NC INC
  • Products
    • Home & Auto Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Roadside Assistance
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
    • Other Personal InsuranceImage of right arrow
      • Personal Umbrella Insurance
    • Farm InsuranceImage of right arrow
      • Farm Owners Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Individual & Family Health Insurance
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Insurance
      • Child Health Insurance
      • Travel Health Insurance
      • HSAs
      • Medicare
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Financial ServicesImage of right arrow
      • 401K
      • Pension Plans
      • Profit Sharing Plans
      • Traditional & Roth IRAs
    • Special Event Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Construction Insurance
      • Consulting Firm Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Media & Advertising Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Restaurant, Bar, & Tavern Insurance
      • Condominium
      • Apartment Owners Insurance
    • Coverage for Your BusinessImage of right arrow
      • Cyber Liability Insurance
      • Loss Control Services
      • Marine Insurance
      • Employee Practices Liability Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Inland Marine Insurance
      • Professional Liability
      • Workers Compensation
      • Bonds
      • Fidelity Bonds
      • Surety Bonds
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business & CommercialImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Group Benefits Insurance Quote
    • Health Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Watercraft Insurance Quote
  • Resources
    • Refer a friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About
    • Our Location
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
Get A Quote Auto
Get A Quote Homeowners
Get A Quote Business
Get A Quote Life & Health
Get A Quote Group Benefits
Get A Quote Recreational
Home > Glossary > G

Insurance Glossary

Insurance terms and definitions from Inspro Professionals of NC, Inc.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Inspro Professionals of NC, Inc. today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
GAP INSURANCE
An automobile insurance option, available in some states, that covers the difference between a car’s actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES/GAAP
Generally accepted accounting principles (GAAP) accounting is used in financial statements that publicly-held companies prepare for the Securities and Exchange Commission.

GENERIC AUTO PARTS
Auto crash parts produced by firms that are not associated with car manufacturers. Insurers consider these parts, when certified, at least as good as those that come from the original equipment manufacturer (OEM). They are often cheaper than the identical part produced by the OEM

GLASS INSURANCE
Coverage for glass breakage caused by all risks; fire and war are sometimes excluded. Insurance can be bought for windows, structural glass, leaded glass, and mirrors. Available with or without a deductible.

GRADUATED DRIVER LICENSES
Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often restrict night time driving. Young drivers receive a learner’s permit, followed by a provisional license, before they can receive a standard drivers license.

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.

GUN LIABILITY
A new legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Insure Your Needs
Resources
Products
About Us
Our Carriers
Blog
Contact Us
Contact Us
919 Kildare Farm Rd (Second Floor)
Cary, NC 27511

P: 919-467-5555

Licensed In NC, SC, VA, TN, GN, FL, & NJ

© Copyright. All rights reserved. Powered by Insurance Website Builder.