Entire group insurance plan for a policyholder.

Insurance agreement made with an employer or other entity that gives insurance coverage and benefits to employees and their dependents under a single policy. It is issued for 12 months to the employer with individual certificates given to each insured individual or family and it may be renewed annually. Under the Health Insurance Portability and Accountability Act (HIPAA), insurance portability is tied to employer-group plans in which an employee changes jobs. Also called group policy .
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A contract of insurance made with an employer or other entity that covers a group of persons identified by reference to their relationship to the entity buying the contract. The group contractual arrangement is generally used to cover employees of a common employer, members of a trade association of trusteeship, members of a welfare or employee benefit association, members of a labor union, or members of a professional or other association not formed only for the purpose of obtaining insurance.

Right of an individual covered by an employer’s group insurance policy to convert to coverage under an individual insurance policy (different benefits and rates) and pay premiums directly to a health plan. Usually there is continuity of insurance, and it is not necessary for the individual to take a physical examination. This option may be made available when a person leaves the group, benefits are downgraded or terminated for a specific class, or when the group policy is terminated.

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.

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.

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.