The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: G

GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

A private sector entity. Accountable for setting, improving, monitoring US local and state government financial reporting and standardized accounting practices. This activity improves the understanding and use of state and local governments’

GRACE PERIOD

Additional time scheduled or allocated to complete a task, such as complying with a regulation, meeting an obligation, or obtaining an agreement.

GRAINS PER GALLON (GPG)

Water hardness as a measured unit. 1 grain (64.8 milligrams) of calcium carbonate dissolved in 1 US gallon of water equals one GPG. It figures out to be 14.3 parts per million

GRAPHICAL DEVICE INTERFACE

Windows operating system functionality of display and print features. A graphic is displayed or printed, controlled by the computer operating system, not the monitor or the printer.

GREEN BUSINESS

A business functioning with no negative impact. Local or global environments, the community, and the economy benefit. Forward-thinking policies for environmental concerns and policies affecting human rights are the entity’s focus.

GREENWASHING

Ecosystem damage by making harmful products or providing detrimental services instead of going green as the company intended.

GROSS ESTATE

Un-adjusted, under probate estate value; probate fees are a percentage of this value.

GROSS PREMIUM

the normal life insurance premium the policy owner pays. Net premium plus expenses plus commissions comprise this value.

GROSS TONNAGE

Another name for gross registered tonnage (Refer to tonnage).

GROUP CERTIFICATE

Lists group benefits given to each group plan policyholder. Typically, this is a certificate .

GROUP MODEL HMO

An insurance firm that makes an agreement with providers and hospitals to pay a fixed rate for care provided to their clients.

GROWTH INVESTING

When stocks with good earnings and growth are bought with no accounting for the prices. They have low dividend yield and less protection. They are more risky and the interest changes depending

GUARANTEED INVESTMENT CONTRACT (GIC)

A financial contract between an INSURER and an individual or PENSION PLAN (as BENEFICIARY) that provides the beneficiary with a specific return on CAPITAL invested over the life of the contract. The

GUARDIAN AD LITEM

The party the court deems responsible for an incapacitated, handicapped, or minor in court.

GUIDING PRINCIPLES

Any ideas that give an organization guidance in circumstances even if goals change and work changes.

GAP PERIOD

Duration for calculating total earnings on excess deferral distributions from Roth IRA and relevant 401(k) plans. Typically occurs between a distribution date and a calendar segment end date, quarterly or yearly.

GATEKEEPER

Authorized person with access control to a decision maker or specific information. Typically a junior officer or a secretary.

GENERAL ADJUSTMENT BUREAU

A stand-alone company adjusting claims as well as training adjusters. Essentially an adjustment clearinghouse for many different insurers.

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