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Group underwriting

May occur where a parent company controls other insurance companies within its group. Group underwriting is an alternative to interchange of business within the group. Each acceptance of business is reported to a central control where a group retention is observed in accordance with a scale of group limits reflecting the group’s commitments. Reinsurance may be arranged by the subsidiary or the parent. Centralised underwriting enables the group to maximise its underwriting capacity.
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The centralization of underwriting within a group of insurance companies, thus maximizing the group’s underwriting capacity.

group universal life (GUL) insurance

Type of group life insurance policy that has flexible premiums, adjustable protection, not fixed, and it has investment earnings that allows for some tax benefits. The death benefit is established by the amount of the premium. In this type of policy, the insured can vary the premium and death benefit amounts during the life of the policy. A group member that leaves the group can continue coverage under the group plan. Also called group universal life program (GULP) .

group without walls (GWW)

Business composed of physicians or medical practices into one management arrangement. Physicians see patients in their own offices but share administrative, billing, and purchasing expenditures. GWW contracts with managed care plans as a sole entity. Also called group practice without walls (GPWW) .

Grouper

Automated computer coding software program that classifies numeric diagnostic codes and assigns DRGs of discharged patients using the following information: patient’s age, sex, principal diagnosis, complications/comorbid conditions, principal procedure, and discharge status. A grouper is essential to reimbursement because it determines which type of complicated diagnosis and/or additional procedures affect a principal diagnosis and place the case into the appropriate DRG.

Growing Degree Days (GDD)

Weather index calculated by subtracting a reference temperature (e.g. 50°F or 10°C) from the average daily temperature. Each degree of ‘warmth’ is a growing degree day (GDD). The deviations from reference temperature benchmark a biological process, such as insect development. ‘Warm’ temperatures necessitate the use of costly pesticides to protect crops against agricultural pests. The payout is the tick multiplied by the difference between the GDD level stated in the contract (i.e. the strike) and the cumulative GDDs for the contract period.

Growth bond/capital bond

Fixed term investments, typically between three and five years, where a single premium life contract, with only nominal life cover, guarantees a minimum capital growth at maturity. It is a collective investment scheme that produces economies of scale for small investors. Investors pay tax at the basic rate and no additional tax on maturity. Higher tax payers may face a ‘top slice’ on any gain made on the bond.

GT

HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating services provided by using interactive audio and video telecommunication systems.

Guadalajara Convention, 1961

This Convention which was signed on 18th Sept., 1961 and became effective on 1st January, 1964 supplements the Warsaw Convention. The Convention provides that if an actual carrier performs the whole or part of carriage which is governed by the Warsaw Convention, then both the contracting carrier and the actual carrier shall be subject to “Carrier Contracting Aviation”: and “Carrier Actual, Aviation.”