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

GAAP:
Generally accepted accounting principles

GAC:
Guaranteed accumulation contract

General Expense Ratio:
General expenses as a percentage of the sum of direct premiums and annuity and fund deposits.

General Expenses:
General insurance expenses excluding agent commissions 

GIC:
Guaranteed investment contract

Government-Sponsored Enterprises (GSE):
The GSEs exist to provide breadth, depth and liquidity to the mortgage market in the U.S. and do this by either guaranteeing conforming mortgages that are packaged as MBS or by purchasing them for their own portfolios. GSEs are privately owned corporations that carry the implied support of the federal government in Standard & Poor's opinion. The requirement in the GSEs' charter that all mortgages they guarantee have effective LTVs of 80% or less is the major reason for the existence of mortgage insurance in the U.S.

Grace Period:
A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid.  All provisions of the policy remain in force throughout this period.

Group Annuity:
A pension plan providing annuities at retirement to a group of people under a master contract. It is usually issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their annuities. 

Group Life Insurance:
Life insurance that usually does not require medical examinations, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example, a professional membership group. The individual members of the group hold certificates as evidence of their insurance. 

Guaranteed Insurability:
An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.

Guaranteed Renewable Contract:
Contract under which an insured has the right, commonly up to a certain age, to continue the policy by the timely payment of premiums. Under renewable contracts, the insurer reserves the right to change premium rates by policy class.