Group Term Life Insurance
One-year coverage that is renewable at the end of each year. Since the group plan is subject to experience rating, the premium rate upon renewal is based on such factors as the loss record (death) of the group and range of employee ages. All employees are insured with term life insurance. Realistically, coverage is temporary because on termination of employment, the employee usually does not convert group term to individual permanent insurance because the conversion is at a higher attained age rate.
Popular Insurance Terms
Flat dollar amount that is added to the pure premium for an insured risk that is smaller than that of the lowest experience rating band. This dollar amount serves the purpose of generating ...
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Coverage for acts or omissions committed by an agent or broker resulting in adequate insurance in the event of a liability suit or property damage to a client. ...
Employees participating in and covered under an employee benefit insurance plan. ...
Expense of defending a lawsuit. To mount a legal defense against civil or criminal liability, a defendant faces expenses for lawyers, investigation, fact gathering, bonds, and court costs. ...
Money expended with the object of profit. The goal of an insurance company is to invest in assets with a rate of return greater than that to be paid out as benefits under its policies. ...
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for ...
Same as term Fortuitous Loss: loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where ...
Health and medical insurance that excludes coverage for job-related injuries and illnesses. Most medical insurance policies do not provide benefits for job-related claims, which are covered ...
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