Call Us Today For A Free Quote | (318) 251-1212
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Terry T. Bromell - In Memoriam
    • Our Locations
    • Privacy Policy
  • Products
    • AutomobileImage of right arrow
      • Automobile Insurance Home
      • Auto Insurance Quote
      • Request ID Card for Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • HomeownersImage of right arrow
      • Homeowners Insurance Home
      • Homeowners Insurance Quote
    • MotorcycleImage of right arrow
      • Motorcycle Insurance Home
      • Motorcycle Insurance Quote
      • Request ID Card for Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Add Driver to Existing Motorcycle Policy
      • Remove Driver from Existing Motorcycle Policy
    • Business & CommercialImage of right arrow
      • Business & Commercial Insurance Home
      • Commercial Auto Insurance Quote
      • Request ID Card for Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Vehicle from Existing Commercial Auto Policy
      • Add Driver to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Professional Liability Quote
      • Errors & Omissions Request
      • Directors & Officers Request
      • Business Identity Theft Quote
    • Recreational VehicleImage of right arrow
      • Recreational Vehicle Insurance Home
      • Recreational Vehicle Insurance Quote
      • Request ID Card for Recreational Vehicle Policy
      • Add Recreational Vehicle to Existing Policy
      • Remove Recreational Vehicle from Existing Policy
      • Add Driver to Existing Recreational Vehicle Policy
      • Remove Driver from Existing Recreational Vehicle Policy
    • LifeImage of right arrow
      • Life Insurance Home
      • Life Insurance Quote
    • Workers CompensationImage of right arrow
      • Workers Compensation Insurance Home
      • Workers Compensation Quote
    • Toy VehiclesImage of right arrow
      • Toy Vehicles Insurance Home
      • Toy Vehicles Insurance Quote
    • Oil & GasImage of right arrow
      • Oil & Gas Insurance Home
      • Oil & Gas Insurance Quote
    • Watercraft & BoatImage of right arrow
      • Watercraft & Boat Insurance Home
      • Watercraft Insurance Quote
      • Request ID Card for Watercraft Policy
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
      • Change Primary Operator on Existing Watercraft Policy
  • Resources
    • Make a Payment
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • Blog
  • Contact
Bromell Agency, Inc. Providing great insurance quotes and expert advice from professionals in the industry
 
Home > Glossary > G

Insurance Glossary

Insurance terms and definitions from Bromell Agency, 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 Bromell Agency, 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

Instant Quote
Get Started
Referrals
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog

  • American Collectors Insurance
  • American Modern
  • American Reliable
  • American Strategic Insurance
  • Capitol Preferred
  • CNA
  • Encompass
  • Metlife
Facebook Twitter LinkedIn Google
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates Home Page
About Us
Get A Quote
Partners
Referrals
Blog
Contact Us

711 North Vienna Street
Ruston, LA 71720
Office: 318-251-1212
Fax: 318-251-3089


880 Bert Kouns Industrial Loop, St B
Shreveport, LA 71118
Office: 318-687-1222

Associations
Powered by Insurance Website Builder
Trusted Choice Trusted Choice