group insurance
group insurance
English Definitions:
group insurance (noun)
insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group
Group insurance
'Group insurance' is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance; instead they are in the group for reasons unrelated to insurance, such as all working for a particular employer. Group Insurance can broadly be classified as " employer - employee " groups where all members working for a particular employer may be covered or non employer -employee or " affinity " groups, that comprise of members with a commonality other than employment - say deposit holders of a bank. A feature which is sometimes common in group insurance is that the premium cost on an individual basis may not be individually risk-based. Instead it is the same amount for all the insured persons in the group. So, for example, in the United States, often all employees of an employer receiving health or life insurance coverage pay the same premium amount for the same coverage regardless of their age or other factors. In contrast, under private individual health or life insurance coverage in the U.S., different insured persons will pay different premium amounts for the same coverage based on their age, location, pre-existing conditions, etc.
Group insurance
Group insurance is an insurance that covers a group of people, for example the members of a society or professional association, or the employees of a particular employer for the purpose of taking insurance. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance. Grouping individuals together allows insurance companies to give lower rates to companies, "Providing large volume of business to insurance companies gives us greater bargaining power for clients, resulting in cheaper group rates."Group insurance may offer life insurance, health insurance, and/or some other types of personal insurance.
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"group insurance." Kamus.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.kamus.net/english/group+insurance>.
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