Glossary

A method of rating automobile liability insurance using the exposure base of gross receipts or mileage rather than the number of vehicles.

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 written premium 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.

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.

A group captive is a captive that insures the risks of a heterogeneous or homogeneous group of unrelated insureds.

A group certificate is a document provided to each member of a group plan showing the benefits provided under the contract.