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

GRAD

Measure of angle in units of 1/100th of a right angle or 0.9 degree. Known also as grade.

GRADE

1. Category level, quality rating, or step-wise rank. 2. Scaled classification. 3. To make a bumpy surface even or smooth. 4. A building or structure horizontal ground level 5. Another name for

GRADED COMMISSION

Commissions as a percentage paid per an achievement schedule. Category or amount of policies written is the basis for the step-wise levels of commissions paid.

GRADED DEATH BENEFITS

Typically in life insurance policies taken on children. Death benefit dependent on age of the child or age of the policy. It is possible for the benefit amount to be less than

GRADED PREMIUM

The beginning premium of a contract is low and increases over time based on a schedule.

GRADIENT

Slope angle, be it an incline or a decline. Three typical ways to measure it: (1) The difference between the ground or horizontal, the ‘grade line’ and the incline or decline stated

GRADING SCHEDULE FOR CITIES AND TOWNS

A rating level scheme for rating a given city’s fire safety. Many factors figure into this rating. The National Board of Fire Underwriters make this schedule.

GRADUATE MANAGEMENT ADMISSION TEST (GMAT)

Students applying to business schools take this standardized exam. Before applying to a university’s MBA program, 2000 or so schools expect or recommend students to take this exam. Like SATs, this test

GRADUATE RECORD EXAMINATION (GRE)

Graduate school applicants testing determines abstract thinking aptitude. Analytical writing, mathematics and vocabulary are sections of this test.

GRADUATED LEASE

A lease that uses variable payments adjusted periodically to recognize current value. Payment amounts can also be An economic benchmark rate, like the consumer price index, can be used to adjust the

GRADUATED WAGE

Level-structured organizational salaries. Individual performance, seniority, experience and job grade all factor into salary increases.

GRADUATION PERIOD

Documented time schedule for graduated mortgage payments to increase by set percentage. This time schedule is usually annually. Typically this is a fixed rate mortgage, not an adjustable rate mortgage. In this

GRAINS

The general group of EXCHANGETRADED DERIVATIVES referencing wheat, corn, soybeans, maize, and sorghum. See also COMMODITY DERIVATIVE, SOFTS.

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

GRAM

Metric system weight unit. Equals 1/1000th (one one-thousandth) of a kilogram, about 0.35 ounce, 0.02 pound, or 15.43 grains equivalence in the decimal system.

GRAMM-LEACH-BLILEY ACT

Repeal of anti-affiliation statutes of the Glass-Steagall Act. Renewed the legal right banks to consolidate with financial-security companies. Repeal legislation passed in 1999.

GRAND JURY

Type of jury composed of 23 citizens. This is a pre-trial jury that decides if prosecution evidence is sufficiently strong to bring an accused to trial for the specified crime. Abolished in

GRAND OPENING

A new business or a new location having its official opening. Customers alerted to the opening are drawn to come and see. During such an opening most stores offer special promotional items

GRAND STRATEGY

Entity planning of major goals and objectives. Essential corporate actions mapped to a comprehensive, long-term plan. Market, product, and/or organizational development tied to acquisition, divestiture, diversification, joint ventures, and strategic alliances are

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