Terms & Definitions - G
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Grace Period: The grace period for group insurance is usually 31 days from the premium due date, and coverage remains in-force during the grace period. If the policyholder doesn’t pay the premium by the end of the grace period the coverage terminates.
Group Insurance: This type of insurance issued on a group of people under a master contract. It is usually issued to an employer for the benefit of his/her employees. The insured employees are given certificates as evidence of their insurance.
Group RRSP: A group RRSP is the most common form of workplace pension scheme offered in Canada. It is not a company pension plan, but instead allows employers and/or employees to make contributions to an individual RRSP account through payroll deductions and company contributions. While an investment manager administers the group account, contributions are deposited into individual employee accounts and invested as specified by the employee.
Growth stocks: Shares of companies whose earnings are expected to increase at an above-average rate. Growth stocks are often typified by their low yields and relatively high price/earnings rations. Their prices reflect investors' belief in their future earnings in growth.
Guaranteed Investment Certificates (GICs): Investment certificates issued by banks and trust companies, GICs repay principal and interest according to an agreed term and interest rate. An investor's money is generally locked in for the term. GICs are backed by the issuing institution and may also be insured by the CDIC.
Guaranteed-term life annuity: Life annuities can be purchased with a guarantee of a minimum number of payments commonly ranging between 5 and 20 years, but going up to a maximum of age 90. The decision on term must be made at the time of purchase. Any payments remaining (or their "commuted value" - the equivalent lump sum of future payments) under the guarantee period upon your death are paid to your spouse or other beneficiary. Payments do not stop at the end of the guaranteed period if you are still alive - they continue on until your death, or that of your spouse in the case of a joint-and-last-survivor annuity.
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