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general agent (GA)

Insurance company representative licensed by the state that is under contract with an insurance company and sells insurance policies and services the policyholder for the insurer. Usually a general agent is in charge of a field office of the insurance company that uses a general agency distribution system and is compensated primarily by an overriding commission. Life insurance agents may also be called life underwriters . Also called insurance agent or insurance broker .

General anesthesia

Absence of consciousness brought on by various anesthetic medications administered by inhalation or intravenous injection. General anesthesia can be administered only by an anesthesiologist, anesthesia assistant, or a certified registered nurse anesthetist.

General average

A loss that arises from the reasonable sacrifice at a time of peril of any part of a ship or its cargo for the purpose of preserving the ship and the remainder of its cargo together with any expenditure made for the same purpose. An example of a general average loss would include jettisoning cargo to keep a ship afloat and an example of general average expenditure would include towing a stricken vessel into port. An average adjuster calculates the value of each saved interest to each interested party which is then obliged to contribute towards the general average loss or expenditure proportionately. Subject to the terms of the policy, insurance will generally only apply if the loss was incurred to avoid or in connection with the avoidance of an insured peril.
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A principle of maritime law according to which the owners of ship and cargo share in a loss incurred voluntarily to save the whole in an emergency. For example, cargo may be jettisoned in order to save the ship and remaining cargo during a storm. All participants share in the loss for the good of the whole. See also Average and Particular average.
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A term usually used in marine insurance to describe a partial loss that was sustained in order to avoid irreparable damage to the entire undertaking.
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A voluntary sacrifice by the master of a ship of all or part of an interest in a marine venture for the purpose of saving the remainder of the venture. Damage and expenses purposely incurred for the common safety of the vessel, freight and cargo interests. General averages are paid by the several interests in the proportion of their respective values exposed to the common danger including the interest of the party whose property or interest is intentionally sacrificed. For example, if it is necessary to jettison cargo to save a ship, the owners of the ship and the rest of the cargo that is saved will share in the loss of the goods that were intentionally sacrificed.

General average (GA)

Loss through voluntary sacrifice of any part of the ship or cargo, or an expenditure to safeguard the ship and remaining cargo from imminent threat. General average losses include jettison, discharging cargo to refloat a ship, etc. A general average expense may occur when a ship is towed to port. An average adjuster works out the value of each ‘saved interest’ who then make general average contributions, proportionately, to the expenditure and the ‘sacrificed losses. Insurance applies to general average if incurred to avoid an insured peril. See GENERAL AVERAGE ADJUSTMENT; GENERAL AVERAGE AGREEMENT; GENERAL AVERAGE BOND; GENERAL AVERAGE EXPENDITURE; GENERAL AVERAGE FUND.