A form that is no longer widely used. This form was used in writing business interruption coverage.
Insurance Encyclopedia
Gross Fund
A fund not liable to tax on income or capital gains.
Gross Leverage
The sum of net leverage and ceded reinsurance leverage. This ratio measures a company’s gross exposure to pricing errors in its current book of business, to errors of estimating its liabilities and exposure to its reinsurers.
Gross line
UK: The amount of insurance the insurer has on a risk before deducting the amount reinsured. Net lines plus reinsurance equals gross lines.
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The amount of risk that an insurer or reinsurer is carrying before taking account of any applicable reinsurance that reduces that risk.
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The maximum amount an insurer will insure on a particular risk.
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The maximum limit an insurer or reinsurer is willing to accept before taking credit for reinsurance coverage. Such limits are usually expressed per insured, per line of business, and the like. See Net line.
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REINSURANCE: The total limit of liability accepted by an insurer on an individual risk (net line plus all reinsurance ceded).
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The total sum accepted by an insurer on an individual risk, including the amount to be reinsured.
Gross Line / Gross Loss
The amount of a ceding insurer’s loss irrespective of any reinsurance recoveries due.
Gross Negligence
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
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.