G - GLOSSARY - Grace Period: A specified period after the premium due date during which the policyholder can make a payment without losing coverage. - Guaranteed Insurability: A provision allowing the policyholder to purchase additional insurance at specified times without evidence of insurability. - Group Insurance: A single insurance policy that covers a group of individuals, typically employees of a company, under one contract. - General Liability Insurance: Coverage that protects businesses from claims involving bodily injury and property damage resulting from the company's operations, products, or injuries that occur on the premises. - Guaranteed Renewable: A policy feature that ensures the policy can be renewed without the insurer's consent, although premiums may increase. - Grace: The additional time allowed for the payment of a premium after it is due without any penalty or cancellation of the policy. - Gross Premium: The total premium charged by the insurer, including the net premium and any additional charges or fees. - Guaranty Fund: A state-established fund to cover claims of insolvent insurers, ensuring policyholders are protected up to a certain limit. - Gap Insurance: Coverage that pays the difference between the actual cash value of a vehicle and the balance still owed on the financing agreement in the event of a total loss.