Health insurance policy in which all eligible members of a certain group who apply and meet certain conditions are offered coverage.
Insurance Encyclopedia
Guarantor
Individual who promises to pay the medical bill by signing a form agreeing to pay or who accepts treatment, which constitutes an expressed promise.
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One who gives a Guarantee.
Guaranty association
In the insurance business, an organization that protects policy owners from losses when an insurance company becomes insolvent.
Guaranty Fund
A fund, derived from assessments against solvent insurance companies, to absorb losses of claimants against insolvent insurance companies.
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Established by law in every state, guaranty funds are maintained by a state’s insurance commissioner to protect policyholders in the event that an insurer becomes insolvent or is unable to meet its financial obligations. The funds are usually financed by assessments against all property and liability insurers regulated by a state.
Guaranty funds
State mandated funds collected from licensed insurers and maintained as backup protection for policyholders of bankrupt insurers. When an insurer becomes insolvent, the state will pay claims for that insurer out of the guaranty fund.
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A fund mandated by state law. The fund is comprised of money from the insurers currently conducting business in that state, which is available to companies unable to cover debts or unpaid claims. These are sometimes called Insolvency Funds.
Guardian
Person appointed by the court who is designated to act on behalf of a minor or an incompetent adult such as parent, trustee, committee, conservator, or other person or agency. Also called legal guardian .
Guardianship
Court-appointed authority given to an individual to act on behalf of a minor or incompetent adult.
Guardianship of the estate
Situation in which a person appointed by the court has the authority over property only for a minor or incompetent adult.
Guardianship of the person
Court-appointed authority given to a person with the right to carry out tasks only concerning personal matters such as medical decisions and residential questions.
Guatemala City Protocol, 1971
Convention amended the Warsaw Convention and Hague Protocol in respect of passenger tickets and baggage checks and limit of liability. See Also:” Warsaw Convention.:” and “Hague Protocol.”