Number assigned to a group insurance plan that identifies the employer or specific insured group. It appears on each member’s identification card and is used when submitting an insurance claim to the insurance company for payment. Also called group insurance number, employer number, G-number, case number, file number, account number , and company code number .
Tag: USA
Group ordinary life insurance
Type of group permanent life insurance that has premiums based on issue age. It accumulates and builds reserves and cash surrender values.
Group paid-up life insurance
Type of group permanent life insurance in which the employee’s contributions are used to purchase paid-up insurance. The employer’s contributions are used to purchase term insurance. The employees’ insurance coverage remains level each year. As the amount of paid-up insurance increases over time, the amount of term insurance that the employer purchases to make up the difference decreases. This type of life insurance has a cash surrender value.
Group permanent life insurance
Type of life insurance that builds cash value and is composed of a group. It may be used to fund a group pension plan or to provide life insurance coverage that will continue after retirement.
Group policy
See: group contract .
Group policy owner
See: Group Policyholder .
Group policyholder
Individual or company in whose name a group insurance policy is written. Also called group policy owner .
Group practice
Three or more providers that share facilities, office personnel, expenses, equipment, financial and medical records, and income in a medical practice. A group practice may represent a partnership, but not necessarily, a single specialty, or a range of specialties (i.e., multispecialty group practice). Also called group medicine or medical group practice .
group practice model (GPM)
Type of health maintenance organization (HMO) in which the physicians in the plan share a central facility.
group practice prepayment plan (GPPP)
Managed care plan in which members pay a monthly premium and the plan offers medical services without additional fees. For some patients, Medicare Part B pays the GPPP directly for services given to beneficiaries.