GCPA Glossary

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Group insurance
The type of insurance which provides coverage for a group of people under one contract, called a master contract. The master contract is issued to the group policyholder and the insured group members are not parties to the group contract.

Group long term disability
Disability income insurance issued as a master policy to an employer to provide income for employees should they suffer a long term disability.

Guarantee of insurability
An optional disability income policy benefit that enables an insured to make increases to the policy on specified dates with evidence of financial insurability only required (no evidence of medical insurability is required).

Guaranteed minimum death benefit
Variable annuity contract owners may have the option of assuring that their beneficiaries will receive a guaranteed minimum death benefit that protects their principal against market fluctuations. With this option, beneficiaries receive either the contract value on the date the claim is approved or the highest contract value on any policy anniversary date, whichever is greater. There may be an additional cost for this benefit. Refer to the variable annuity's prospectus for complete information on risks, fees and expenses.

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