State mandated funds collected from licensed insurers and maintained as backup protection for policyholders of bankrupt insurers. When an insurer becomes insolvent, the state will pay claims for that insurer out of the guaranty fund.
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A fund mandated by state law. The fund is comprised of money from the insurers currently conducting business in that state, which is available to companies unable to cover debts or unpaid claims. These are sometimes called Insolvency Funds.
Insurance Encyclopedia
Guardian
Person appointed by the court who is designated to act on behalf of a minor or an incompetent adult such as parent, trustee, committee, conservator, or other person or agency. Also called legal guardian .
Guardianship
Court-appointed authority given to an individual to act on behalf of a minor or incompetent adult.
Guardianship of the estate
Situation in which a person appointed by the court has the authority over property only for a minor or incompetent adult.
Guardianship of the person
Court-appointed authority given to a person with the right to carry out tasks only concerning personal matters such as medical decisions and residential questions.
Guatemala City Protocol, 1971
Convention amended the Warsaw Convention and Hague Protocol in respect of passenger tickets and baggage checks and limit of liability. See Also:” Warsaw Convention.:” and “Hague Protocol.”
Guertin laws (Liability Insurance)
Laws on nonforfeiture and valuation, made standard in 1947. The name is derived from then head of the NAIC committee responsible for developing these laws, Alfred Guertin.
Guest
In the context of certain hotels, e.g. inns, it is someone who books sleeping accommodation. The innkeeper becomes strictly liable for loss or damage to the property of a guest subject to the limitations introduced by the Hotel Proprietors Act 1956.
Guest law (Legal Terminology)
A law that limits the rights of a passenger in an automobile to demand funds from the driver on the basis of negligence. Typically, the passenger must prove willful and wanton negligence by the driver before they can collect any funds.
Guest property coverage (Criminal)
Commercial coverage form for the property of hotel or motel guests. Two forms exist: One covers property placed inside a safe deposit box on the premises, and the other covers the legal liability of the company for losses incurred on their premises or damages done to property while in the insured’s possession.