What is group insurance?

This is a contract that covers multiple people at the same time when the people involved have something in common: employees of the same business, members of an association. The advantage of group insurance lies in having the group members pay less in premiums for the same amount of insurance, generally without a medical examination or proof of insurability.  more

Generally, Group Insurance is defined as a policy that an employer makes application for with an Insurance Company. The employer is generally required to pay some portion of the employees' premium and the employee must work some minimum number of hours per week. The employer can pay a greater portion of the premium, but is not required to do so. In some states, Group Insurance is "Guaranteed Issue". which means that the Insurance Company cannot turn down any applicant.  more

What are its advantages and disadvantages? What is Group Insurance? Group Insurance is simply one insurance contract that provides insurance coverage to a number of persons who have some type of relationship to one another. The most common owner of a group insurance policy is a business providing benefits to its employees. Others may be clubs and associations. What are examples of Group Insurance? The most common type of insurance offered to employees is group medical. There are a variety of plans out there with numerous insurance companies. What other plans are right for you depends on you, your business and your employees. The important thing is to find the plans that best suit employees needs at a cost employers can afford. What are other types of Group Insurance? a. Life Insurance The insurance company agrees to pay a stated sum or income to the employee's beneficiary. The policy is usually a term policy, and most employers usually provide a factor of annual earnings benefit ( ...  more

Group insurance is a single insurance policy that covers a specific group of people. Examples of groups include employees of a company, members of a professional organization, or alumni of a college. Many group policies include dependents of group members.  more

Group insurance is a health care coverage plan in which individual employees or members are included under one 'master policy' owned by their employers. Because the group insurance plan has so many contributors, the policy often provides coverage for more services at a much lower cost per participant. Group insurance may be provided by other organizations besides for-profit companies. Labor unions, churches and other service groups can also obtain group insurance for recognized members and possibly their dependents. Individual members of a group insurance plan receive insurance certificates which demonstrate their eligibility for benefits. If the master policy held by the employer requires participation in an HMO (health maintenance organization), then individuals are also registered as members. Other group insurance policies may be associated with major medical groups such as Blue Cross/Blue Shield. A major medical policy may or may not restrict an individual's choice of primary ...  more

This type of life insurance policy is a single contract that covers a group of people. Most policy owners are employers or entities such as labor organizations, and they offer more affordable rates that are included as part of your employee benefits package.

This is a term that is generally used for a policy that is available to a ''group'' of people, such as all the employees at specific work place.  more

An insurance policy that provides the coverage for a number of people under one contract. Group insurance is generally applicable for the health services where the employees and sometimes their dependents are also covered through this policy. Because of the broader coverage, Group policies (life, health) are available at a cheaper rate as compared to the individual policies.  more