A business enterprises owned and operated by two or more persons for the purpose of generating business income and profits.
Insurance Encyclopedia
General power of appointment (Estate)
The power of the recipient of a property interest to pass it on to another person of their choosing.
general practitioner (GP)
Family practice physician who gives comprehensive medical care regardless of age of the patient or presence of a condition that may need the services of a specialist. This term has been replaced by the term family practitioner (FP) .
General Product Safety Regulations (GPSR)
1994 A general duty is placed on all suppliers of consumer goods. They must supply products that are safe in normal or reasonably foreseeable use. Safety takes into account factors such as the product’s characteristics, instructions and warnings and the categories of consumers at serious risk when using the product, particularly children. Relevant British or European standards can be taken into account in assessing safety. Breaches are punishable by fines and/or imprisonment. GPSR largely replaces the general safety requirement under Consumer Protection Act 1987 (s.10).
General prohibition
FSMA, s.19, states that no person may carry on a regulated activity in the UK, or purport to do so, unless he is an exempt person or authorised person. Any breach amounts to a criminal offence.
General Property Form
This form commonly in use for coverage on the property of commercial risks from whatever perils are specified in the contract.
General property form (Property Insurance)
A widely used form of commercial insurance, used to protect the property from risks specified in the contract.
General Provisions
Those provision in addition to the regular insuring and benefit provisions and to the standard or uniform provisions, which define and limit the coverage. Also, called additional provisions.
General representative
A person resident in the UK designated as the representative of an insurance company with a head office outside the UK, who is authorised to act generally and accept the service of documents.
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A person appointed by Lloyd’s to represent Lloyd’s and Lloyd’s underwriters in a particular country or territory. A General Representative may be a natural person or a company. An agreement between Lloyd’s and the General Representative sets out the General Representative’s duties and responsibilities.
General revenue
Income to the supplemental medical insurance (SMI) trust fund from the general fund of the U.S. Department of the Treasury. Only a small percentage of total SMI trust fund income each year is attributable to general revenue.