Terms Beginning With 'g'

Grandfather Clause

It is a concept that refers to an old clause in an agreement or policy which continues to get applied on some existing situations; however, new rules get applied to all the cases in the future.

A phrase in a deed/lease that illustrates the nature of interest rights being given to the grantee or lessee. The clause usually starts with the words such as ?to hold and to have? in a deed or lease.

A hammer clause also referred as blackmail clause is an insurance policy clause that gives the power to the insurer allowing to oblige the insured party to settle a claim, very much in a way a hammer is used against a nail.

This is a provision/ clause in a contract. Under it, a creditor can seize (or jeopardize) property that state laws may have excused from seizure. It exposes borrowers to substantial risk.

This is a provision/ clause in the insurance policy. According to it, the insurance company will not be obliged to pay the insured with the premium in case they are seriously injured, the degree of injury varying in the definition of disability.

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