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Termsort icon Definition Randy Comment
GAAP

A method of reporting the financial results of an insurer in accordance with the going-concern basis used by other businesses. GAAP assigns income and disbursements to their proper period, as distinguished from the more conservative requirements of statutory accounting, by which insurers are regulated, and by which the Annual Statement is produced.

GNEPI (Gross Net Earned Premium Income)

Subject Premium basis of a reinsurance contract, representing the earned premiums of the reinsured for the lines of business covered, during the contract period, after deduction of policy cancellations, refunds, and premiums ceded to any inuring reinsurances.

GNWPI (Gross Net Written Premium Income)

Subject Premium basis of a reinsurance contract, calculated as Gross Written Premiums associated with the subject portfolio during the contract period less cancellations, return premiums and premiums ceded to any inuring reinsurances.

Gross Line

The amount of liability an insurer has assumed on a risk, including any amount ceded to reinsurance.  The Gross Line would be the amount of coverage listed on the insurance policy.

 

Gross Line equals Net Line plus Ceded Reinsurance Limit.

Gross Loss

The amount of insured loss, prior to any reinsurance cession.

 

Gross Loss equals Net Loss plus Ceded Loss.

Gross Written Premium

The amount of premium charged by the insurer to an insured, without consideration of any reinsurance cession.

 

Gross Written Premium equals Net Written Premium plus Ceded Written Premium.

Gross Written Premium

The amount of premium charged by the insurer to an insured, without consideration of any reinsurance cession.

 

Gross Written Premium equals Net Written Premium plus Ceded Written Premium.

Ground Up Loss

The gross amount of a loss incurred and subject to the insured's insurance policy(ies), beginning with the first dollar of loss and prior to the application of any deductible or retention required by the policy.