Glossary

A guaranty agreement is a two-party contract in which the first party agrees to perform a stipulated action in the event that a second party fails to perform.

A guaranty fund is established by law in every state. Guaranty funds are maintained by a state's insurance commissioner to protect policyholders in the event that an insurer becomes insolvent or is unable to meet its financial obligations.

A guardian ad litem is an individual appointed by a court to represent the interests of a minor during legal proceedings.

Guertin Laws are the nonforfeiture laws in life insurance that have been standard in all states since 1948.

Guests' Property (premises) was an Insurance Services Office, Inc. (ISO), crime form covering guests' property located anywhere within the insured's premises or outside the premises in the insured's possession.

Guests' Property (safe deposit box) was an Insurance Services Office, Inc. (ISO), crime form covering the insured's legal liability arising out of damage to or loss of property of guests of the insured while in a safe-deposit box in the insured's business premises.

Guest statutes concern laws governing the rights of guests to sue a host-driver.

A guest voluntary settlement is an aircraft liability insurance policy additional coverage that provides a specified payment to a passenger who has suffered certain types of injuries, such as the loss of an eye, hand, or foot as a result of an aircraft accident.

A guideline premium is a premium that is defined in universal life insurance policies as the maximum premium payable that will qualify the policy as life insurance for federal income tax purposes.