Managed care organization that contracts with two or more groups of practices to provide health services.
Insurance Encyclopedia
Group home
See: adult care home .
Group I rates (Property Insurance)
Term used in place of “Fire Rates” under the newest commercial lines program. Rates in Group I include those for fire, explosion, and vandalism.
Group II rates (Property Insurance)
Term used in place of “Extended Coverage Rates” under the newest commercial lines program. Rates in Group II include those for hail, riots, and vehicles.
Group Income Protection/Group Permanent Health Insurance
Income protection insurance applied to a group, usually effected as an employee benefit. The deferred period is fixed so that the benefit becomes payable when contracted salary payments terminate or are significantly reduced. The benefit, once triggered, continues until the sooner of the end of the disability or normal retirement age.
Group Insurance
(01) Insurance covering the members of a group such as the employees of a single employer. The benefits are not tailor-made to the needs of each member. If the group is acceptable to the Insurer, all members are covered. (02) Any insurance plan under which a number of persons and their dependents are insured under a single policy, issued to their employer or to an association with which they are affiliated, with individual certificates given to each insured person
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UK: Insurance of a number of persons under a single contract or, if agreed, under individual contracts. Usually the persons are in the same employment or all employed or members of the same association. Group cover can be applied to various kinds of insurance, e.g. group life, group accident, group legal expenses, etc.
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US: Insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.
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Policy protecting a group of persons—usually employees of a firm.
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MEDICAL,USA,REFERENCE: See: Group Health Plan.
Group insurance number
See: Group Number.
Group leader
Member of a group insurance plan that is responsible for administration of the group’s contract.
Group life insurance
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.
Group life insurance (Life Insurance)
Life insurance coverage provided to a group of people, most often employees of the same company. These policies carry a lower cost than the policies offered to individuals, due to the tax cuts offered to the insurer, the use of adverse selection, and the sharing of expenses.