A reduced expense item for the insurance company justified by the size of the premiums.
Insurance Encyclopedia
Graded level commissions
Payment schedule that lists the amount of money paid to an insurance agent for selling and servicing an insurance policy that has the same commission percentages for premium increments of first and renewal years.
Graded premium (Life Insurance)
A premium that is a lower amount in the beginning of the contract and increases.
Graded premium whole life insurance
Type of whole life insurance in which premiums are increased once or at a certain time such as every 3 years until the premium reaches a specific level.
Graded schedule scheme
Pension scheme under which benefits are related to earnings in each year of membership. An alternative term is salary grade scheme.
Grades of Construction
A scheme of grading buildings for appraisal for fire insurance, issued by the Fire Offices’ Committee and replacing the F.O.C.’s former standards of construction.
Grading schedule for cities and towns
A schedule prepared by the National Board of Fire Underwriters for the purpose of determining which of ten grades to assign to a city for fire rating purposes, based on such factors of fire protection as water supply.
Grading schedule for cities and towns (Property Insurance)
A schedule that is used to determine a given city’s fire rating. The fire rating is determined by multiple factors. The schedule is created by the National Board of Fire Underwriters.
Gradually operating causes
Causes that result in loss over time, e.g. rust, corrosion and normal wear and tear. No fortuitous element is present and compensation for the reduction in value would contravene the principle of indemnity. Wear and tear, etc., is specifically excluded from all risks’ policy but ‘new for old’ and reinstatement policies modify the principle of indemnity.
graduate medical education (GME)
Period of formal medical training of a physician after he or she has obtained a Doctor of Medicine (MD) or Doctor of Osteopathy (DO) degree. It is referred to as internship, residency, and fellowship training .