This glossary is courtesy of the "Field Guide for Property & Casualty Agents and Practitioners" published annually by The National Underwriter Company.

GLOSSARY OF INSURANCE TERMS & CONCEPTS

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | PQ | R | S | T | U | V | WXYZ

G

Gap coverage - Insurance for a lessee designed to cover the difference in selling price between a vehicle’s actual cash value, and the payout left on a lease.

Garage policy - One of the early package policies, it is written for automobile dealers and may include liability insurance for garage operations, automobile operations, physical damage coverage on garage owned autos, bailees coverage on customers cars, and auto and premises medical payments coverage.

Garagekeepers liability - A bailee coverage applying to automobiles. Commonly included in garage policies, it may be written to provide coverage for limited perils or for comprehensive physical damage, with or without collision damage coverage. Coverage may be expressed as covering the legal liability of the garagekeeper or amended to cover on a direct basis, as primary insurance or excess.

General liability insurance, see Commercial general liability.

Glass insurance - Commercial property form that covers plate glass, glass signs, lettering, etc.

Gross earnings coverage - An outdated term for business income coverage.

Guarantee funds - State mandated funds collected from licensed insurers and maintained as backup protection for policyholders of bankrupt insurers.

Guiding principles - Suggested procedures for establishing primacy of coverage in situations involving loss under a variety of coverage forms and, perhaps, more than one interested party. Last promulgated in the 1960s, the spirit of the principles survives because insurers apparently find that the prescribed procedures commonly lead to equitable settlements for all parties.