Glossary of terms used on this site
|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.
The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time. In Universal Life policies, it typically provides for coverage to remain in force for 60 days following the date cash value becomes insufficient to support the payment of monthly insurance costs.
|Guaranteed Insurability Option||
See "future purchase option."
|Guaranteed Issue Right||
The right to purchase insurance without physical examination; the present and past physical condition of the applicant are not considered.