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.
Insurance Encyclopedia
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 .
Graduated driver licenses
Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often restrict night time driving. Young drivers receive a learner’s permit, followed by a provisional license, before they can receive a standard drivers license.
Graduated Lease
A lease which provided for a certain rent for the first period, allowed by either an increase or decrease in rents over the period of lease.
Graduated life table (Life Insurance)
A mortality table that has had a formula applied to it.
Gram Sahayaks
Certain insurers have introduced a new Micro insurance distribution channel, in the form of “Gram Sahayak” (Village Assistants) to reach out to customers and educate them on Micro Insurance in the rural markets of India.
Gramm-Leach-Bliley (GLB) Act of 1999
The Act eliminates 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. It also addresses other issues such as information privacy and redomestication of mutual insurers. Generally, it bars a financial institution from disclosing a consumer’s nonpublic personal information to an unaffiliated third party unless it provides notice to the consumer and allows the consumer an opportunity to opt out. It requires financial institutions to provide customers with a privacy notice at the start of the customer relationship and once annually thereafter. Also, GLB requires each federal regulatory agency to establish standards by which the financial institutions under its jurisdiction implement “administrative, technical, and physical safeguards.”