System of establishing the insurance company that is the primary carrier for dependents when both parents have health insurance plans. Also see birthday law .
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One method of determining which parent’s medical coverage will be primary for dependent children: the father’s coverage will automatically be considered primary and will pay first.
Tag: RAW
Gender rule (Health Insurance)
A rule used to establish which parent’s policy the children will be covered by. Under this rule, the father’s policy will be considered the primary and will pay the claims of dependent children first.
General account
Type of undivided account that was formerly used by life and health insurance companies to handle all incoming funds. Beginning in the early 1960s, other types of accounts came into use such as separate accounts.
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An investment portfolio used by an insurer for investment of premium income. This portfolio generally consists of safe, conservative, guaranteed investments.
General account (Annuities)
The account used to invest the income generated from premiums. Typically, this is an investment portfolio made up of safe, guaranteed investments.
General Accounting Office (GAO)
Investigative division of the United States Congress that reports to the Congress about studies assigned by Congressional committees or those mandated by legislative provisions.
General adjustment bureau
A company that adjusts claims for many different insurers. This is a standalone company that also offers adjuster training.
general agency distribution system
Part of the insurance agency system for selling individual life insurance. Each field office is independent and under contract to the insurance company. The office is directed by a general agent who employs a staff and pays the salaries and office expenses. Sales agents contract with the general agent and not the insurance company. Usually the insurance company pays all commissions to the general agent who retains a portion of each commission (overriding commission) and the remaining commission is paid to the sales agent. However, some offices use a different procedure and pay commissions directly to the sales agents and overriding commissions directly to general agents.
General Agency system
Method of handling Insurance through general Agents as contrasted with the branch office system.
General agency system (Life Insurance)
A system made up of general agents selling life insurance.
General Agent
(i) In liability Insurance, an Agent who solicits business from the public and earns a commission from those Insurers the gent represents. (ii) In property Insurance, an individual having an exclusive territory and supervising an Insurer’s independent Agent’s in that territory. A general Agent does not sell Insurance Directly to the general public. (iii) In health Insurance, an individual appointed by an Insurer to conduct business in a given territory on a commission basis (perhaps also receiving additional expense allowances).