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Foundations of Casualty Actuarial Science

and loss adjustment expenses in the anticipation of future
settlement.

Generally Accepted Accounting Principles
A method of reporting the financial results of an insurer
more in accordance with the going-concern basis used by
other businesses; assigns income and disbursements to their
proper period, as distinguished from the more conservative
requirements of statutory accounting affecting insurers.

Gross Line
The total limit of liability accepted by insurer on an individual
risk.

Gross Net Premium
An insurance company’s total gross premium before the
deduction of any commissions or costs, but after the deduction
of reinsurance costs.

Gross Premium
The written premium before deducting any premium paid for
reinsurance and in some cases before paying any return
premiums.

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