What does Gross Written Premium mean? Read on to discover the definition & meaning of the term Gross Written Premium - to help you better understand the language used in insurance policies.
Gross Written Premium
The total premium (direct and assumed) written by an insurer before deductions for reinsurance and ceding commissions. Includes additional and/or return premiums. Written does not imply collected, but the gross policy premium to be collected as of the issue date of the policy, regardless of the payment plan.
We hope the you have a better understanding of the meaning of Gross Written Premium.