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health or life insurance coverage pay the same premium amount for the same coverage regardless of their age or other factors, even though the total group premium will be calculated by reference to the actual (or estimated) age distribution etc. of the group. In contrast, under private individual health or life insurance coverage in the U.S. and elsewhere, different insured persons will pay different premium amounts for the same coverage based on their age, location, pre-existing conditions, etc.
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work for a certain employer and pays the required insurance premiums, whereas under individual coverage, the insurance company often has the right not to renew an individual health insurance policy if the person's risk profile changes. However some states limit the insurance company's power not to renew after the person has been under individual coverage with a given company for a certain number of years.
40:
bargaining power for clients, resulting in cheaper group rates." The concept varies internationally, with distinct practices and benefits in different countries, such as Canada and India. Additionally, group insurance policies can be either compulsory or voluntary, each with specific underwriting requirements and implications for coverage and premiums.
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coverage through a provider on a 'wholesale' basis for its members, the coverage costs each individual worker/member much less than the purchase of an individual policy. People who elect coverage through the group policy receive a 'certificate of credible coverage' useful in obtaining subsequent coverage, if necessary from another insurance.
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Group health insurance plans provided in India are generally uniform in nature, offering the same benefits to all employees or members of the group. However, they can be customized to offer benefits by designation and profile of employees. Most professionally run companies today provide group health
96:
in the lives of its members. A bank it could be said has an insurable interest in the lives of its members who hold a deposit or have taken a loan. The master policy holder also ensures each member gets a certificate of coverage stating the details of the premium paid, cover available, term of the
39:
by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance. Grouping individuals together allows insurance companies to give lower rates to companies, "Providing large volume of business to insurance companies gives us greater
167:
than voluntary covers. Underwriting requirements even for voluntary group life cover are far less onerous than for similar insurance on individual lives. However, the assessment criteria for group life insurance cover is more strict in comparison to individual coverage. It is easier to qualify for
113:
Members who take up the insurance are generally eligible to renew coverage while they continue to be members of the group, subject to certain conditions. Again, using U.S. health coverage as an example, under group insurance a person will normally remain covered as long as he or she continues to
105:
A feature which is common in group insurance is that the premium cost on an individual basis is not individually risk-based. Instead it is the same amount for all the insured persons in the group. So, for example, in the United States and elsewhere, often all employees of an employer receiving
56:
Investopedia defines group life insurance as "Life insurance offered by an employer or large-scale entity (i.e. association or labor organization) to its workers or members. " Group life insurance is typically offered as a piece of a larger employer or membership benefit package. By purchasing
150:
Group life insurance covers may be either compulsory – in which case no member can opt out of the insurance – or voluntary, where each eligible member may decide within a given time limit whether or not to be included in the group insurance. This is irrespective of who pays the premium.
83:
Insurable Groups can broadly be classified as mainly two types - " employer - employee " groups where all members work for the employer proposing to cover them or "affinity" groups, whose members have a commonality other than employment - say deposit holders of a bank.
142:
insurance as a part of their
Employee Welfare programs. Each company, however, gets the plan customized based on the employee demographics. Typically in India, companies use broker services to design their plan and negotiate with insurance companies.
34:
that covers a group of people, for example the members of a society or professional association, or the employees of a particular employer for the purpose of taking insurance. Group coverage can help reduce the problem of
168:
benefits under individual cover than group cover at claim stage. This is because group benefit covers a wider range of people without medical examinations and group cover offers less scope for adverse selection.
109:
Group policies may be attractive to consumers because the average price per policy is often lower. Carriers are interested in gaining customers and will cut prices a bit to take account of their lower costs.
92:
The master policy holder of a group life insurance plan in the case of an "Employer
Employee Group" is basically the Employer and for other groups would be the entity that has an
130:
In Canada, group insurance is usually purchased through larger brokerage firms because brokers receive better rates than individual companies or unions.
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There is often a master policy holder who will retain the documentation on behalf of the members, and may deal with the members on behalf of the insurer.
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1031:
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There may be slight differences in terms of administration and market related practices worldwide, even though the concept may be the same.
276:
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In India, broker procured group term insurance does not necessarily have any price advantage to the buyer, i.e., the master policy holder.
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1036:
1021:
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There must be a group of people to be insured who have something in common other than the purpose of obtaining insurance.
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361:
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Thus we can infer the following characteristics of group life insurance, which also apply to other group insurances:
427:
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Group insurance may offer life insurance, health insurance, and/or some other types of personal insurance.
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Group rates are cheaper than individual rates, as administration and expected claims costs are lower.
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159:Since compulsory cover offers much less scope for
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44:Overview and benefits of group insurance
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1222:
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163:, it is subject to much more relaxed
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277:Accidental death and dismemberment
52:Characteristics of group insurance
25:
1241:
185:"Business Owners Group Insurance"
146:Compulsory vs. voluntary coverage
403:Directors and officers liability
88:Role of the master policy holder
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101:Pricing structure and premiums
97:cover and the claims process.
13:
1:
245:
171:
1170:Savings and loan association
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603:Insurance-linked securities
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10:
1246:
292:Total permanent disability
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1047:
1032:Health insurance coverage
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756:
585:
527:
456:
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297:Business overhead expense
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165:underwriting requirements
155:Underwriting requirements
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79:Types of insurable groups
433:Protection and indemnity
133:
118:International variations
890:Explanation of benefits
362:Variable universal life
1027:Health insurance costs
428:Professional liability
883:Out-of-pocket expense
744:Workers' compensation
398:Collateral protection
388:Business interruption
1106:Corpus Juris Civilis
211:Group Life Insurance
189:Elite Private Wealth
1165:Rochdale Principles
1160:Mutual savings bank
1155:Mutual organization
1140:Cooperative banking
1057:Mesopotamian banker
337:Longevity insurance
1230:Types of insurance
917:Insurable interest
418:Payment protection
319:Payment protection
94:insurable interest
1217:
1216:
1062:Code of Hammurabi
1037:Vehicle insurance
932:Replacement value
824:Actual cash value
788:Adverse selection
778:Actuarial science
752:
751:
684:Kidnap and ransom
657:Extended warranty
304:Income protection
161:adverse selection
37:adverse selection
16:(Redirected from
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1175:Social insurance
1130:Friendly society
1022:Health insurance
850:Short rate table
598:Catastrophe bond
499:Lenders mortgage
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1187:Insurance cycle
1150:Fraternal order
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927:Proximate cause
922:Insurance fraud
902:General average
861:Claims adjuster
803:Risk management
798:Risk assessment
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714:Prize indemnity
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413:Over-redemption
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314:National health
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18:Group Insurance
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1208:List of topics
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1075:§235–238; §240
1067:§100–105; §126
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817:Value of life
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547:Inland marine
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542:GAP insurance
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530:Communication
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29:
19:
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1199:
1145:Credit union
1111:
1104:
1085:
957:Underwriting
912:Insurability
894:
873:Co-insurance
843:
839:Cancellation
661:
630:Catastrophic
615:Climate risk
443:Trade credit
192:. Retrieved
188:
179:
158:
149:
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137:
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112:
108:
104:
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82:
59:
55:
47:
27:
26:
1180:Trade union
1135:Cooperative
808:Uncertainty
667:Index-based
635:Multi-peril
593:Reinsurance
552:Public auto
457:Residential
975:by country
973:Insurance
947:Total loss
868:Deductible
829:Cash value
773:Act of God
758:Insurance
672:Parametric
652:Expatriate
528:Transport/
494:Landlords'
479:Earthquake
367:Whole life
287:Disability
194:2016-11-14
172:References
1121:Syndicate
1087:Collegium
982:Australia
937:Risk pool
907:Indemnity
878:Copayment
812:Knightian
724:Terrorism
694:Liability
562:Satellite
423:Pollution
347:Term life
256:insurance
254:Types of
247:Insurance
32:insurance
1224:Category
1201:Category
1079:§275–277
997:Pakistan
845:Pro rata
734:War risk
699:No-fault
610:Casualty
567:Shipping
537:Aviation
514:Renters'
509:Property
504:Mortgage
474:Contents
448:Umbrella
408:Fidelity
376:Business
272:Accident
205:See also
1126:Benefit
1113:Digesta
1049:History
783:Actuary
739:Weather
729:Tuition
719:Takaful
647:Deposit
577:Vehicle
1002:Serbia
962:Profit
834:Broker
760:policy
572:Travel
557:Marine
464:Boiler
438:Surety
282:Dental
264:Health
126:Canada
30:is an
1098:Guild
992:India
987:China
856:Claim
662:Group
642:Cyber
620:Crime
586:Other
519:Title
484:Flood
134:India
1071:§234
793:Risk
763:and
625:Crop
489:Home
383:Bond
329:Life
765:law
704:Pet
1226::
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1069:;
187:.
1128:/
810:/
239:e
232:t
225:v
197:.
20:)
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