What does Group Insurance mean? Read on to discover the definition & meaning of the term Group Insurance - to help you better understand the language used in insurance policies.
Insurance provided to groups of people. 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.
We hope the you have a better understanding of the meaning of Group Insurance.