group persons insured
In Canada, the persons who are
insured by a group health insurance contract. Usually simply called
"insureds" in the United States.
group practice model (GPM)
A means of organizing a
health maintenance organization (HMO) in which the physicians in the
HMO share a central facility. See also individual practice
association (IPA).
group representative
A salaried insurance company
employee who deals solely with the distribution of group insurance
products. The primary responsibilities of group representatives
include finding prospects, designing proposals, installing the
product, and renegotiating the policy at renewal.
group RRSP
In Canada, a collection of individual
registered retirement savings plans (RRSPs) established and
maintained by an employer in order to help employees save for
retirement. Each RRSP within the group is owned entirely by the
employee. Employer contributions therefore become vested as soon as
they are made.
group universal life insurance (GUL)
Group life
insurance for which the insured usually pays the full premium and
can choose the amount of premium to pay, and in which the death
benefit is determined by the amount of the premium. The insured can
vary the premium and death benefit amounts during the life of the
policy. Like individual universal life insurance, GUL is designed to
combine insurance protection with a savings/investment element. In
addition, GUL is usually "portable," which means that a group member
who leaves the group can continue coverage under the group plan.
Sometimes called a Group Universal Life Program (GULP). See also
universal life insurance.
Guaranteed Income Supplement (GIS)
In Canada, a
supplemental monthly benefit available to Old Age Security (OAS)
recipients who receive less income than a stated amount.
guaranteed insurability (GI) rider
An amendment to a
life insurance policy that gives the policyowner the right to
purchase additional insurance of the same type as provided in the
original policy. The additional insurance can equal no more than an
amount specified in the policy contract and can be purchased at
specified premium rates and at specified times without new evidence
of insurability. Also called a policy purchase rider.
guaranteed investment contract (GIC)
A
pension plan funding vehicle in which an insurer accepts a single
deposit from a plan sponsor for a specified period of time, such as
five years, and holds the deposit at a specified rate of interest.
At the end of the period, the deposited funds, including accumulated
interest, are returned to the plan sponsor, who can reinvest the
plan assets with the insurer or with another party. Also called a
guaranteed income contract or a guaranteed interest contract.
guaranteed-issue insurance
Insurance coverage for which
there is usually no individual underwriting. All eligible members of
a particular group of proposed insureds who apply for the policy and
who meet certain conditions are automatically issued a policy.
guaranteed renewable policy
An individual health
insurance policy that specifies that the insurer will continue the
policy until the insured reaches a specified age, if premium
payments are made when due. The insurer can change premium rates for
broad classes of insureds. See also cancellable policy,
conditionally renewable policy, noncancellable and guaranteed
renewable policy, noncancellable policy, and optionally renewable
policy.
guaranty association
In the insurance industry, an
organization whose purpose is to protect policyowners from losses
suffered through the insolvency of an insurance company.
Guidelines Governing Group Accident and Sickness
Insurance
In Canada, Superintendents' Guidelines that
regulate several aspects of group health insurance contracts,
including the types of groups to which a group health insurance
contract may be issued and the particulars that must be included in
the certificate issued to each person insured by the contract. See
also Superintendent's Guidelines.
Guidelines Governing Group Life Insurance
In Canada, a
set of guidelines issued by the Canadian Council of Insurance
Regulators which specifies, among other things, the types of groups
which are eligible for group life insurance.
guide to buying life insurance
In Canada, a written
statement developed by the Canadian Life and Health Insurance
Association (CLHIA) which describes all of the types of life
insurance available and is intended to help prospects for life
insurance compare the advantages and disadvantages of each type of
policy.
