Glossary

Group life insurance
Life insurance usually without medical examination, 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

General Average
In sea marine insurance, a loss incurred for the common cause that is shared by all parties to the venture.

General damages
Damages awarded to an injured persons for intangible loss which cannot be measured directly by rupees. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded from actual economic loss, such as medical costs, loss of income, etc.

General Insurance business Nationalization Act, 1972
This act came into force on 1st January, 1973 with the following objectives: A) To provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers. d) To serve better the needs of the economy by securing the development of general insurance business in the best interests of the community. C) Indian stamp Act.1899: The Act provides that a policy of insurance be stamped in accordance with the schedule of rates prescribed.

General Liability Insurance
Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operations of machinery, as well as professional services.

Gross Negligence
The intentional failure to perform a manifest duty is reckless disregard of the consequences as affecting the life or property of another.

Gross Premium
The premium paid by the policyholder.

Gross Rate
The sum of the pure premium and a loading element.