Glossary

Good local standard is the policy wording that most insurers licensed to write coverage in the respective country would quote competitively to most local clients.

Good Samaritan statutes are laws in various states that relieve physicians of any liability for providing treatment in an emergency such as an automobile accident, as long as the treatment provided was not grossly negligent, wanton, or reckless and the physician received no compensation.

A good student discount is provided by some auto insurers if a student driver maintains a certain grade point average (e.g., 3.0) or is named to the honor roll or dean's list. Such discounts can range from 5 percent to 15 percent.

The governing classification in workers compensation insurance is the classification (other than a standard exception) that best describes the workers compensation exposure of an employer's business as determined by majority of payroll.

A grace period is an insurance provision allowing the insured a certain number of days (e.g., 30 or 31) after the premium due date to make payment if the insurance is to stay in force.

A graded commission schedule is one based on premium size (e.g., 12.5 percent for the first $5,000 of premium, a lower percentage for the next $95,000, and lower still beyond $100,000).

Graduated drivers licenses are issued to young drivers that allow them to improve their driving skills over time.

The Gramm-Leach-Bliley Act of 1999 eliminated many Depression-era restrictions on banks, securities firms, insurance companies, and other financial service providers that had previously barred companies in different financial sectors from engaging in each other's businesses.

A greenmail exclusion eliminates coverage under a directors and officers (D&O) liability policy for suits alleging damages arising out of the purchase of (or offers to purchase) company stock at above-market prices from stockholders believed to pose a takeover threat.

A green building describes a residential or commercial structure that is built in a manner that promotes energy conservation, uses environmentally friendly construction products in an efficient way, and creates a healthy place to live or work.