Type of life insurance on a group of individuals under a master policy that is issued without requiring a medical examination. It is issued to an employer, and each employee is given a certificate as verification of his or her insurance.
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UK: Policy covering a group of lives as distinct from individuals. The group must exist for some purpose other than the insurance, e.g. employees in a firm or members of an association. The cover is often ancillary to a pension scheme but can stand alone. Policies are written as one-year term insurances with the automatic right of renewal each year subject to the terms of the contract. See ACTIVELY AT WORK; FREE COVER.