Generic Drug – A prescription drug that is chemically equivalent to a brand-name product with an expired patent, dispensed under its generic chemical name. Generally less expensive than branded products, pharmacy benefit plans often measure the success of cost-cutting techniques by monitoring substitution of generics for brand names (‘generic fill rate").
Grace Period – A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
Gross Estate – All of the assets and liabilities owned at death.
Group Contract – A contract of insurance made with an employer or other entity that covers a group of persons identified as individuals by reference to their relationship to the entity.
Group Insurance – Insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.
Guaranteed Renewable Contract – A contract that the insured person or entity has the right to continue in force by the timely payment of premiums for a substantial period of time, during which period the insurer has no right to make unilaterally any change in any provision of the contract, while the contract is in force, other than a change in the premium rate for classes of policyholders.