Group Insurance


Definition of "Group insurance"

Ginger Wassum
Ginger Wassum Weichert Realtors

Single policy under which individuals in a natural group (such as employees of a business firm) and their dependents are covered.

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Popular Real Estate Terms

Wholesale Life Insurance

Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns th ...

Experience Rating

Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposit ...

Certificate Of Insurance

Document describing the benefits and provisions for people or businesses covered by group insurance. ...

Naic: Model Group Life Insurance Definition And Group Life Insurance Standard Provisions Model Act

Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group ...

Certificate

Same as term Certificate of Insurance: document in life and health insurance issued to a member of a group insurance plan showing participation in ins ...

Incidental Contract

Secondary (not primary) reason for forming a contract. In group insurance, the group must be formed and maintained for reasons other than obtaining in ...

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