Group Policies - Insurance Products - Principles of Insurance, B com B Com Notes | EduRev

Principles of Insurance

Created by: Arshit Thakur

B Com : Group Policies - Insurance Products - Principles of Insurance, B com B Com Notes | EduRev

The document Group Policies - Insurance Products - Principles of Insurance, B com B Com Notes | EduRev is a part of the B Com Course Principles of Insurance.
All you need of B Com at this link: B Com

What is 'Group Life Insurance'

Life insurance offered by an employer or large-scale entity (i.e. association or labor organization) to its workers or members. Group life insurance is typically offered as a piece of a larger employer or membership benefit package. 

By purchasing coverage through a provider on a "wholesale" basis for its members, the coverage costs each individual worker/member much less than if they had to purchase an individual policy. Those receiving coverage may not have to pay anything "out of pocket" for policy benefits or they may elect to have their portion of the premium payment deducted from their paycheck. 
 

 

BREAKING DOWN 'Group Life Insurance'

The employer or organization purchasing the policy for its workers or members retains the master contract. People who elect coverage through the group policy receive a "certificate of credible coverage," which will be necessary to provide to a subsequent insurance company in the event that the individual leaves the company or organization and terminates their coverage.

Dynamic Test

Content Category

Related Searches

Group Policies - Insurance Products - Principles of Insurance

,

Group Policies - Insurance Products - Principles of Insurance

,

Objective type Questions

,

MCQs

,

shortcuts and tricks

,

Group Policies - Insurance Products - Principles of Insurance

,

Important questions

,

Exam

,

mock tests for examination

,

practice quizzes

,

pdf

,

Semester Notes

,

B com B Com Notes | EduRev

,

Previous Year Questions with Solutions

,

Sample Paper

,

past year papers

,

Extra Questions

,

Free

,

video lectures

,

Summary

,

study material

,

B com B Com Notes | EduRev

,

Viva Questions

,

B com B Com Notes | EduRev

,

ppt

;