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group insurance

Group insurance is insurance provided to groups of people.

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Additional Information

It involves the substitution of group selection, the use of experience rating, and the use of a master insurance contract. These aspects of group insurance yield lower administrative costs than would individual policies written for members of the group. Group insurance is commonly used to provide employees and members of associations with life, health, disability, dental, and similar types of coverage.

Related Terms

The secondary beneficiary is the person named to receive benefits if the primary beneficiary is not...