Nope........the sender usually gets ground through the case, but what I bet he may have there is a sending unit with a second terminal for an idiot light. Some of the senders support BOTH a needle-type gauge AND an idiot light to get your attention when the temp is too high. It looks like one of the oil pressure senders that support both a needle-gauge and a light (for low pressure).
Of course, since it is a dip-stick style sender, it may just have one terminal for the gauge and another for ground (to make sure it gets a constantly good ground). In that case, EITHER terminal can potentially be grounded. If that is the case and you attach an ohm meter to the terminals, they should show several hundred ohms between them and it should change if you heat (or cool) it.
BTW: Berg sells a dip-stick sender that makes your oil pressure light come on steady at 230 degrees (F) or something like that to let you know you're too hot - maybe you have one of those?
Bill: are there any markings stamped onto the sender at all?
Gordon