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.
Insurance Encyclopedia
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.
Group Health Association of America (GHAA)
See: American Association of Health Plans (AAHP) .
Group health coverage
See: Group Health Plan.
Group health insurance (Health Insurance)
Group coverage that provides the group members with benefits for hospital stays, medical examinations, treatment, and doctors’ fees. These plans usually contain mandatory deductibles and coinsurance payments.