Insurance agreement between a health plan (contracting entity) and an employer (certificate holder) that gives coverage to all employees (group members) of the plan. The group members receive an identification card to show they have health insurance coverage. Under the Health Insurance Portability and Accountability Act (HIPAA), insurance portability is tied to employer-group plans in which an employee changes jobs.
Insurance Encyclopedia
Group credit insurance (Health Insurance/Life Insurance)
Insurance that covers the life or well-being of a debtor. This type of insurance pays or reduces the debt should the debtor become disabled or die.
Group Creditor Insurance
Contract issued to the creditor on the lives of his debtors to pay the amount the indebtedness in the vent of death. Legitimately used by banks to reduce problem of collection from a deceased estate.
Group creditor life insurance
Type of life insurance in which a master contract covers the lives of current and future debtors of the policy owner who is the beneficiary of the policy.
Group deferred annuity
Type of annuity that sometimes funds a retirement plan. The employer contributes under a group deferred annuity contract, and these funds are used to purchase deferred annuities for the retirement benefits of participants of the plan.
Group Disability Insurance
Provides benefits for a groups of individuals, usually employees of the covered Company, to compensate for losses such as time lost because of accident, or sickness, hospitalization, medical or surgical expenses.
Group disability insurance (Health Insurance)
Group policy providing coverage for reduced income due to disability or illness.
Group enrollment agreement
Contract between a health insurance plan and a group sponsor who acts as the intermediary for an insured group.
Group enrollment period
See: open enrollment period .
Group Health
Insurance : Health Insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per person are decreased, there are certain tax advantages and measures taken against adverse selection are effective. Certain benefits are tailor made and provided in Group Health Insurance Policies only.