Withdrawal of aircraft from service. The risk is insurable by an aircraft manufacturer under an aviation products liability policy to indemnify a manufacturer against his legal liability for loss of use pending investigation and repair of an alleged defect.
Tag: RAW
Group
In insurance, insureds and their dependents who work for an employer or belong to an association through which they become entitled to insurance coverage.
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Coverage of a number of individuals under one contract. The most common “group” is employees of the same employer.
Group (Health Insurance)
Many people covered under a contract together. Most often, a group is comprised of employees of a particular business.
Group annuity
Retirement plan that provides monthly (or quarterly, semiannual, or annual) income benefits at retirement to a group of individuals that are under a master contract usually issued to an employer. Each member of the annuity plan is given a verifying certificate.
Group annuity (Annuities)
An annuity that funds a retirement plan for a group. The annuity contract is written on a group basis. The group itself is usually made up of employees of the same employer.
Group captives
A captive insurance company formed by an association to insure the risks of its members.
Group case
Entire group insurance plan for a policyholder.
Group certificate (Health Insurance/Life Insurance)
A certificate given to each policyholder of a group plan. The certificate lists the benefits offered under the group policy.
Group contract
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.
Group contract (Health Insurance/Life Insurance)
A contract for insurance that is made with a group of people, usually employees of the same employer.