Terminology from words GGG

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.