Glossary

Gross premium is pure premium adjusted upward to include insurer expenses.

Gross profits insurance is a type of business interruption coverage in widespread use in Canada and the United Kingdom. Gross profits insurance differs from gross earnings insurance in two respects: the determination of the loss payment amount and the indemnity period. Loss payment is based on the amount of sales during the same period in the year preceding the date of direct damage loss. The indemnity period is the time it takes for the insured's profit to recover, subject to a maximum of 12 months.

Gross receipts or mileage is a method of rating automobile liability insurance using the exposure base of gross receipts or mileage rather than the number of vehicles. This rating basis may be used for rating taxis, buses, and other public automobiles. It is also sometimes used in the composite rating of truckers.

Gross vehicle weight is the value specified by the manufacturer as the maximum total loaded weight of a single vehicle.

Gross weight is the method of determining the size of a vehicle for insurance purposes. Gross vehicle weight (GVW) is the maximum loaded weight for which a single vehicle is designed, as specified by the manufacturer. In some states, GVW is based on registration receipts. Gross combination weight (GCW) is the maximum loaded weight for a combination truck/tractor and semitrailer or trailer for which the truck/tractor is designed, as specified by the manufacturer.

Gross written premium (GWP) is the total direct and assumed premium written by an insurer before deductions for reinsurance and ceding commissions. This includes additional and/or return premiums. Written does not imply collected but is the gross policy premium to be collected as of the issue date of the policy, regardless of the payment plan.

Ground coverage is insurance for the hull of an aircraft when it is not flying.

Ground up loss is the entire amount of an insurance loss, including deductibles, before application of any retention or reinsurance. This is the original loss to the insured after recognizing known salvage and subrogation.

A group-owned captive is a captive owned by more than one shareholder, or with more than one member, in the case of a mutual or reciprocal form of organization.

Group annuity refers to an annuity issued to an employer or retirement plan trustee to provide benefits for employees under retirement programs.