An independent, non-profit, membership corporation providing protection against the cost of health and dental care in a limited geographical area.
A number of people classed together by some common factor, such as place of employment, occupation or membership in an organization.
A contract of insurance made with an employer or other entity that covers individuals in the group by reference to their relationship to that employer or entity.
Insurance issued, usually without medical evidence on a group of people under a master contract. It is normally issued to an employer for the benefits of employees. The individual members of the group hold certificates as evidence of their insurance.
Level premium ordinary life insurance issued on a group basis.
Describes a variation from the standard group life plan, which is a yearly renewable term life insurance. In group permanent, the insured worker has permanent, portable, cash-value life insurance for a contribution and the employer pays for additional term to reach the face amount of the certificate.
An employee of the insurer whose principal tasks are to assist agents and brokers in developing and soliciting prospects for group insurance promoting, presenting, installing and servicing group contracts.
Group Universal Life (GUL)
A group plan that combines group term with a cash accumulation feature. It includes only plans that involve a master contract between the insurer and the employer. Most companies issue the master contract to a trust rather than to the employer. Participating employees receive certificates as evidence of coverage. The employee pays all premiums, and participation is voluntary.