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.
Insurance Encyclopedia
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.”
Gramm-Leach-Bliley Act
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.
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.