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COMMONLY USED TERMS AND ACRONYMS IN GENERAL INSURANCE 

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General Average  :: In insurance, a situation in which a loss, resulting from a deliberate act of sacrifice to save other goods, is shared by the insurers concerned (such as the insurer of a vessel and the insurer of its cargo where part of the cargo has been jettisoned-and lost – to save the ship). 

 

Glass Insurance  :: Protection for loss of or damage to glass and its appurtenances. 

 

Gross Negligence  :: The intentional failure to perform a manifest duty in reckless disregard of the consequences as affecting the file or property of another. 

 

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.

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