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Ground risks

Aviation insurance term describing the risk of damage to the aircraft while stationary on the ground.
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The risk of damage to an aircraft while stationary on the ground.

Ground Up Loss

The total amount of loss sustained by the ceding company before taking into account the credit(s) due from reinsurance recoverable(s).
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The entire amount of an insurance loss, including deductibles, before application of any retention or reinsurance. The original loss to the insured, after recognizing known salvage and subrogation.

Ground-up Loss

In Reinsurance, the term refers to the gross amount of loss occurring to the reinsured, beginning with the first rupee of los and after the application of deductions required by the reinsurance agreement (which can be several in number) (a) the reinsured’s retention in excess of loss covers, (b) other inuring reinsurance says, such as quota share, surplus share, per risk excess, facultative, or common account coverage, or (c) the uncollectibility of any reinsurance. For example, ground up losses subject to a per risk excess treaty protecting the reinsured’s net retention would equal the net loss beginning with the first rupee after reduction of the gross loss by recoveries from other treaties such as surplus covers and facultative placements, but before the application of the deductible in the per risk excess cover itself.

Grounding risk

Withdrawal of aircraft from service. The risk is insurable by an aircraft manufacturer under an aviation products liability policy to indemnify a manufacturer against his legal liability for loss of use pending investigation and repair of an alleged defect.

Group

In insurance, insureds and their dependents who work for an employer or belong to an association through which they become entitled to insurance coverage.
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Coverage of a number of individuals under one contract. The most common “group” is employees of the same employer.

Group annuity

Retirement plan that provides monthly (or quarterly, semiannual, or annual) income benefits at retirement to a group of individuals that are under a master contract usually issued to an employer. Each member of the annuity plan is given a verifying certificate.