Intentional failure to perform a duty, reckless disregard of the consequences as affecting the life or property of another.
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The degree of negligence somewhat greater than ordinary negligence. It may be a reckless wanton and willful misconduct causing bodily injury and/or property damage.
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US: the intentional failure to perform a manifest duty in reckless disregard of the consequences as affecting the life or property of another
Insurance Encyclopedia
Gross negligence (Legal Terminology)
Negligence that is found to be intentional.
Gross Net Earned Premium Income (GNEPI)
GNEPI represents the earned premiums of the primary company for the lines of business covered net, meaning after cancellation, refunds and premiums paid for any reinsurance protecting the cover being rated, but gross, meaning before deducting the premium for the cover being rated.
Gross Net Premium
The full original premium less gross returns. If any, Gross net premium is computed by deducting return premiums from gross premiums, but not les Reinsurance premiums.
Gross Net Premium Income (Reinsurance)
To indicate the original gross premium of the portfolio protected by the treaty less the premium ceded by way of Reinsurance in priority to and for the benefit of the excess of loss treaty.
Gross Net Written Premium Income (GNWPI)
Generally, gross written premium less only returned premiums and less premiums paid for reinsurance that inure to the benefit of the cover in question. Its purpose is to create a base to which the reinsurance rate is applied.
Gross Premium
(i) The original premium before any original discounts have been applied, Gross premium is a raw premium before subtracting cost for Reinsurance or at times before any return premium. (ii) Premium income without deduction for Reinsurance premiums.
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Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums.
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Pure premium adjusted upward to include insurer expenses.
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MEDICAL,USA Total price of an insurance policy to be paid by the policyholder before any discounts are applied such as subtracting costs for reinsurance or returning premium. The total price of the policy is the cost of a unit of insurance protection quoted from a rating manual plus the basic rate that covers expenses to the insurance company in maintaining the business.
Gross premium (General Insurance Terms/Life Insurance)
A general term for an amount made up of the net premium plus expenses and commissions. In life insurance, the premium assessed for life insurance.
Gross premium method/valuation
Method for placing a value on a life insurance company’s liabilities that explicitly values the future office premiums payable. In addition, it usually values explicitly future discretionary benefits and future expenses. If it explicitly allows for future bonuses it may be referred to as a bonus reserve valuation. The valuation may be carried out using formula or cashflow techniques.
Gross Premium Rating
Pure risk premium is loaded for expenses, inflation, commission, etc., to arrive at the gross premium that is charged to the customer. (Gross Premium = Pure Risk Premium+ Loading).