The base salary or wages paid to an employee on which benefits and/or contributions are based. Overtime, bonuses, and other unusual compensation are excluded.
Person or persons designated by the insured to receive the benefits of insurance at death. In group health insurance, the beneficiary is the person designated to receive any accidental death benefit.
In reference to health insurance, the maximum length of time benefits will be paid for anyone accident, disability, iIlness or hospital stay.
Premium that has been paid to the policyholder for the indicated time period.
An independent, non-profit, membership corporation providing protection against the costs of health and dental care in a limited geographical area.
A pamphlet distributed to the insured describing, in layman's language, the provisions of the group plan.
A booklet that serves as both an explanation of the group plan and as the certificate of insurance.
Because not all companies offer their group plans to all group sizes, much group insurance is written as surplus business by life insurance agents. The bulk of group insurance, particularly of large-size cases, is written by insurance brokers who obtain quotations from a series of carriers, analyze them, and present the plan that best meets the needs and finances of the buyer.