Dictionary of Financial Terms -
- An abbreviation for 'gilt-edged securities'. These are bonds, loans
etc issued by the UK government or UK local authorities and are generally considered to be one of the safer forms of
investment. Although the interest rate on the underlying value and the price at maturity are guaranteed, the price will
vary during the lifetime of a gilt; so there is some element of risk.
- Gift inter-vivos. A gift made during a person's lifetime as opposed
to a legacy, which passes on death.
- Guaranteed Minimum Pension.
- Group Personal Pension.
- Grace Period
- The 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.
- Granny Bond
- A bond issued by the UK government with enhanced interest or tax
privileges but restricted in availability to persons of pensionable age.
- The award of funds to an organisation or individual to undertake
charitable or tax-exempt activities.
- Individual or organization that receives a grant. Also
called a donee.
- Individual or organization that makes a grant. Also called a
- A gross interest rate or dividend is one that doesn't take into
account the tax you'll have to pay on that income.
- Gross Premium
- The actual premium paid by the policyholder before any tax relief
or discount is taken into account.
- Group Contract
- A contract of insurance made with an employer or other entity not
formed for the purpose of obtaining insurance that covers a group of persons identified by reference to their
relationship to that entity. Several different types of insurance may be arranged on this basis, including life,
critical illness, income protection, private medical, etc.
- Group Critical Illness Scheme
- A scheme that will pay a cash lump sum to members diagnosed as
suffering from one of a range of specified illnesses and conditions.
- Group Health Insurance
- Health 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.
- Group Income Protection
- Group Income Protection Insurance (also known as Permanent Health
Insurance, or PHI) gives sick and injured employees a replacement income, and provides the means for the employer to
retain staff even when they are not contributing to the business. The benefit (typically) becomes payable when the
company's sickness scheme ends and continues as long as the employee's absence lasts, right up to normal retirement
- Group Life Insurance
- Group Life is designed to pay a benefit, in either lump sum form or
as a dependants' pension, on the death of the member.
- Group Permanent Health Insurance
- An alternative name for Group Income Protection.
- Group Personal Pension
- An arrangement between a provider and an employer to offer personal
pensions to employees. Charges may be lower because of the numbers involved, and the employer may also agree to
contribute. A GPP is not an occupational pension scheme.
- Guaranteed growth bonds
- Fixed term investments, typically between 3 and 5 years, where you
invest a lump sum and are guaranteed either a minimum return or that you won't lose capital.
- Guarantee Period
- The period for which an insurer will guarantee a quoted rate
prior to it being accepted.
- The period for which a guaranteed annuity will continue
regardless of the survival of the annuitant
- Guaranteed Income Bond
- A single premium insurance contract providing payments at regular
intervals for a fixed period at the end of which the premium is returned.
- Guaranteed Minimum Pension
- The minimum pension which an occupational pension scheme must
provide as one of the conditions of contracting out in respect of pre April 1997 service.
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