An agreement born out of LMP 2001 between the (re)insurers who are parties to the slip specifying the terms on which the slip leader acts as agent of the underwriters to deal with alterations, amendments and agreements.
Insurance Encyclopedia
General underwriters’ agreement
An agreement between insurers and reinsurers on a subscription risk specifying the terms on which the leading underwriter shall act as the agent of the following underwriters as regards the agreement of amendments to coverage terms.
General Works Damage
See: WORKS DAMAGE INSURANCE.
General Writing Mutual
A mutual insurer not specializing in any class of risk.
Generalists
Physicians who have received training that encompasses several branches of medicine including internal medicine, preventive medicine, pediatrics, surgery, psychiatry, and obstetrics and gynecology. These doctors provide comprehensive medical care, problem solve, and coordinate total health care delivery to all members of a family regardless of sex or age.
Generally Accepted Accounting Principles (GAAP)
General guidelines and detailed procedures of customary accounting practice that are established and interpreted by the Financial Accounting Standards Board (FASB). FASB was formed in 1973. These accounting principles are used by business firms outside of the insurance industry, as well as by health and life insurance companies.
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These principles have substantial authoritative support for use in the insurance business. They are intended to produce financial results consistent with those of other industries and to assure consistency in financial reporting.
Generation skipping transfer (Estate)
A gift or inheritance of property received by a person two generations or more below the owner.
Generic drugs
Prescription drugs that have the same active ingredient formula as a brand name drug. Generic drugs usually cost less than brand name drugs and are rated by the Food and Drug Administration (FDA) to be as safe and effective as brand name drugs. Also called generic equivalent .
Generic equivalent
See: generic drugs .
Generic substitution
Act of replacing a prescription brand drug for another drug that has the same active ingredient formula.