Group life insurance Sunday, June 18, 2006
Life insurance usually without medical examination, on a group of people under a master policy.
Life Insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective. See also Franchise Insurance, True Group, and the first definition of Master Policy. (LI)
Insurance on the lives of several persons as a group, written under one contract called a master policy.
posted by your Insurance @ 10:04 AM,
