What is the Definition of Group Insurance?

What is the Definition of Group Insurance?

A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependents. Coverage occurs under a master policy issued to the employer or association.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Group Insurance?

What is the Definition of Group Insurance?

You can find random definition and meaning of insurance terms below:


Meaning of Mortality And Expense (M&E) Risk Charge in Insurance Terms

A fee that covers such annuity contract guarantees as death benefits.


Meaning of Mortgage Guarantee Insurance in Insurance Terms

Coverage for the mortgagee (usually a financial institution) in the event that a mortgage holder defaults on a loan. Also called private mortgage insurance (PMI).


Meaning of Mortgage Insurance in Insurance Terms

A form of decreasing term insurance that covers the life of a person taking out a mortgage. Death benefits provide for payment of the outstanding balance of the loan. Coverage is in decreasing term insurance, so the amount of coverage decreases as the debt decreases. A variant, mortgage unemployment insurance pays  the mortgage of a policyholder who becomes involuntarily unemployed. (See Term insurance)


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