Salaried employee of the insurance company who assists insurance agents and brokers in acquiring, soliciting, and negotiating with potential buyers for group insurance and to service group contracts. The representative also renegotiates renewal policies.
Insurance Encyclopedia
Group retirement income insurance (Pensions)
Group insurance policy with an equal premium throughout the policy, which provides a retirement income.
Group rider
Provision that adds group benefits to a basic insurance plan that is chosen by an employer for all employees who take out the insurance coverage.
Group Risk
The rating cell or risk segment into which particular policies are categorized, with a type of insurance cover. The objective is to achieve a group of policies or risks that have homogeneous characteristics
Group sponsor
Individual or professional association that acts as an agent for the group and its members. It pays the dues and service charges to a health insurance plan and agrees to receive the plan’s certificate and information.
Group underwriting
May occur where a parent company controls other insurance companies within its group. Group underwriting is an alternative to interchange of business within the group. Each acceptance of business is reported to a central control where a group retention is observed in accordance with a scale of group limits reflecting the group’s commitments. Reinsurance may be arranged by the subsidiary or the parent. Centralised underwriting enables the group to maximise its underwriting capacity.
***
The centralization of underwriting within a group of insurance companies, thus maximizing the group’s underwriting capacity.
group universal life (GUL) insurance
Type of group life insurance policy that has flexible premiums, adjustable protection, not fixed, and it has investment earnings that allows for some tax benefits. The death benefit is established by the amount of the premium. In this type of policy, the insured can vary the premium and death benefit amounts during the life of the policy. A group member that leaves the group can continue coverage under the group plan. Also called group universal life program (GULP) .
group universal life program (GULP)
See: group universal life (GUL) insurance .
group without walls (GWW)
Business composed of physicians or medical practices into one management arrangement. Physicians see patients in their own offices but share administrative, billing, and purchasing expenditures. GWW contracts with managed care plans as a sole entity. Also called group practice without walls (GPWW) .
Grouper
Automated computer coding software program that classifies numeric diagnostic codes and assigns DRGs of discharged patients using the following information: patient’s age, sex, principal diagnosis, complications/comorbid conditions, principal procedure, and discharge status. A grouper is essential to reimbursement because it determines which type of complicated diagnosis and/or additional procedures affect a principal diagnosis and place the case into the appropriate DRG.