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.

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.

Aggregate of all premiums falling due during the accounting year, including single premiums and portfolio premium entries after deducting portfolio withdrawals and cancellations.

The amount, or difference, by which sales revenue exceeds the cost of sales, i.e. costs incurred in getting the goods ready for sale such as purchases, direct labour costs and other direct costs in manufacturing. Loss of gross profit is insured under a business interruption insurance that usually provides cover on the difference basis. An older way of calculating gross profit was to add the net profit to the standing charges of the business.
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Net profit plus the insured’s standing charges

the total limit of liability accepted by an insurer together with quota share reinsurers on an individual risk (also known as “gross line”).

Defined in the Marine Insurance Act 1906, s.71(4), as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid. ‘Gross proceeds’ is the price obtained at a sale, all charges on sale being paid by the seller (Marine Insurance Act 1906, s.73).
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Gross value means the wholesale price of goods or merchandise or, if there be no such price, the estimated value with, in either case, freight, landing charges, and duty paid beforehand.

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.

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.