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generally accepted accounting principals (gaap)

Conventions, rules and procedures that define accepted accounting practices in the U.S.

grace period

A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid, and during which time all policy provisions remain in force and effect.

group insurance

A form of insurance designed to insure classes of persons rather than specific individuals.

growth stock

The common equity of a company that consistently grows significantly faster than the economy.

guaranteed investment certificate (gic)

A type of debt security sold to individuals by banks and trust companies. They usually cannot be cashed before the specified redemption date, and pay interest at a fixed rate.

guarantor

A third party who agrees to repay any outstanding balance on a loan if you fail to do so. A guarantor is responsible for the debt only if the principal debtor defaults on the loan.

guardian

A person or persons named to care for minor children until they reach the age of majority. A will is the best way to ensure that the person or persons whom you wish to have care for your minor children are legally empowered to do so in the event of your death.