Rick Debe Insurance Agency - DBI Insurance Services
(262) 363-8650
Office Hours: M - Th 8:30 - 5:30 Friday 8:30 - 3:00

We've listed all the relevant insurance terminology we could think of...and then some!  If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!


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Gap Insurance

An automobile insurance option, available in some states, that covers the difference between a car's actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company. Mainly used for leased cars.


A primary care physician responsible for overseeing and coordinating all aspects of a patient's medical care. The gatekeeper may have to preauthorize other specialty care or hospital admission.

Glass Insurance

Coverage for glass breakage caused by all risks; fire and war are sometimes excluded. Insurance can be bought for windows, structural glass, leaded glass, and mirrors. Available with or without a deductible.

Grace Period

A period of time after a premium becomes due in which you can still pay for the insurance and keep it in force. Wisconsin law requires that for health insurance it is 7 days for weekly premium policies, 10 days for monthly premium policies, and one month for all other policies.

Graduated Driver Licenses

Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often restrict night time driving. Young drivers receive a learner's permit, followed by a provisional license, before they can receive a standard drivers license.

Gramm-Leach-Bliley Act

Financial services legislation, passed by Congress in 1999, that removed Depression-era prohibitions against the combination of commercial banking and investment-banking activities. It allows insurance companies, banks, and securities firms to engage in each others' activities and own one another.

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Any written statement of dissatisfaction with a managed care plan or limited service health organization submitted by or on behalf of a plan enrollee.

Group Insurance

Any insurance plan under which a number of persons and their dependents are insured under a single policy, issued to their employer or an association with which they are affiliated, with individual certificates given to each insured person.

Group Life Insurance

Life insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective.

Guarantee Period

Period during which the level of interest specified under a fixed annuity is guaranteed.

Guaranteed Death Benefit

The beneficiary will receive a payout if the annuitant dies before the annuity disperses. Though there are variations of this annuity benefit among insurance companies, it is guaranteed to equal the original investment or the most recent statement, whichever is higher. This concept is also a basic part of many life insurance policies and is not restricted to annuities.

Guaranteed Income Contract

Often an option in an employer-sponsored retirement savings plan. Contract between an insurance company and the plan that guarantees a stated rate of return on invested capital over the life of the contract.

Guaranteed Issue Policy

A policy of insurance that will be issued regardless of health condition. Small group and individual policies cannot be denied to any person who wishes to purchase one.

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Guaranteed Issue Rights

Rights you have in certain situations when insurance companies are required to accept your application for insurance. In these situations, an insurance company can't deny you insurance coverage or place conditions on a policy, must cover you for all preexisting conditions, and cannot charge you more for a policy because of past or present health problems.

Guaranteed Living Benefit

A guarantee in a variable annuity that a certain level of annuity payment will be maintained. Serves as a protection against investment risks. Several types exists.

Guaranteed Purchase

A rider to a policy that allows you to increase the benefits during specific periods of time without proof of insurability.

Guaranteed Renewable Policy

An individual health insurance policy that specifies that the insurer will continue the policy until the insured reaches a specified age if premium payments are made when due. The insurer can change premium rates for broad classes of insureds.

Guaranteed Replacement Cost Coverage

Homeowners policy that pays the full cost of replacing or repairing a damaged or destroyed home, even if it is above the policy limit.

Guaranty Fund

The mechanism by which solvent insurers ensure that some of the policyholder and third party claims against insurance companies that fail are paid. Such funds are required in all 50 states, the District of Columbia and Puerto Rico, but the type and amount of claim covered by the fund varies from state to state. Some states pay policyholders' unearned premiums – the portion of the premium for which no coverage was provided because the company was insolvent. Some have deductibles. Most states have no limits on workers compensation payments. Guaranty funds are supported by assessments on insurers doing business in the state.

Gun Liability

A new legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept.