Financial services legislation, passed by Congress in 1999, that removed Depression-era prohibitions against the combination of commercial banking and investment-banking activities. It allows insurance companies, banks, and securities firms to engage in each others’ activities and own one another.
Insurance Encyclopedia
Gramm-Rudman-Hollings Act
Federal law known as the Balanced Budget and Emergency Deficit Control Act of 1985 .
Grammatical construction rule
A rule of construction meaning that in construing a policy the ordinary rules of grammar and punctuation will apply, although a court has a discretion to correct obvious slips. The draftsmen of policies and legal documents try not to rely on punctuation to convey their meaning.
Grandfather clause
Section of a policy, law, or association’s bylaws that allows continued eligibility or license for individuals who obtain benefits under the law without meeting all of the criteria regardless of a change in the law.
Grant
A term applied to all transfers of real estate.
Grant of probate
The legal process of proving a will, appointing an executor and settling an estate; but by custom, it has come to be understood as the legal process whereby a deceased person’s estate is administered and distributed. Where the deceased dies intestate the deceased’s legal personal representative is called an administrator.
Grantee
In real estate, a term used for the person buying.
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MEDICAL,USA,REFERENCE See: trustee .
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The buyer of real estate.
Grantor
One who transfers real estate. A person who conveys real estate by deed, the seller.
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In real estate, a term used for the person selling.
Gratuitous
Made without a consideration, such as a gift requiring nothing in return.
Great Fire of London
London’s largest fire. It occurred in 1666 and started in Pudding Lane. It spurred the development of fire insurance. Previously fire damage compensation was funded by charitable donations and collections from guilds of craftsmen and churches. The Fire Office, formed in 1680, is generally regarded as the first fire insurance company although records indicate that fire insurance was transacted in 1667. For other historical aspects see fire marks and the Tooley Street fire.