Total amount of monthly premiums billed at a specific time to cover all outstanding group insurance.
Insurance Encyclopedia
Group name
Designated title under which a group is enrolled in an insurance plan.
Group number
Number assigned to a group insurance plan that identifies the employer or specific insured group. It appears on each member’s identification card and is used when submitting an insurance claim to the insurance company for payment. Also called group insurance number, employer number, G-number, case number, file number, account number , and company code number .
Group ordinary life insurance
Type of group permanent life insurance that has premiums based on issue age. It accumulates and builds reserves and cash surrender values.
Group ordinary life insurance (Pensions)
Life insurance with an equal premium issued to groups.
Group paid-up life insurance
Type of group permanent life insurance in which the employee’s contributions are used to purchase paid-up insurance. The employer’s contributions are used to purchase term insurance. The employees’ insurance coverage remains level each year. As the amount of paid-up insurance increases over time, the amount of term insurance that the employer purchases to make up the difference decreases. This type of life insurance has a cash surrender value.
Group permanent insurance (Pensions)
A plan issued to groups that blends retirement benefits with life insurance. This type of plan uses an equal premium.
Group permanent life insurance
Type of life insurance that builds cash value and is composed of a group. It may be used to fund a group pension plan or to provide life insurance coverage that will continue after retirement.
Group permanent life insurance (Life Insurance)
A form of group life insurance wherein the policyholders are offered one of many plans of permanent life insurance.
Group personal pensions (GPP)
Personal pension plans arranged by an employer for his employees. Employers may contribute. GPPs are not occupational schemes, simply individual personal pensions grouped for administrative convenience. They are defined contribution schemes with no maximum on the retirement benefits. The employee makes his own contracting out arrangements but this will not affect national insurance contributions.