What is Group insurance?

lakemen · Posted: Mon Apr 24, 2006 9:57 am Post subject: What is Group insurance?

An insurance policy that provides the coverage for a number of people under one contract. Group insurance is generally applicable for the health services where the employees and sometimes their dependents are also covered through this policy. Because of the broader coverage, Group policies (life, health) are available at a cheaper rate as compared to the individual policies.

Shebrezee · Posted: Sat Jul 05, 2008 7:23 pm Post subject: Group Insurance

With G/I do the insureds get a coverage certificate, a policy with the ins. co. or have any obligations under the policy?

thank you.

Ontario Broker · Posted: Sun Jul 20, 2008 9:02 pm Post subject:

Hi Shebrezee
With Group Insurance the employer (sponsor of group plan) gets a master copy of the policy. The insureds usually just get a card and booklet explaining coverages. Some group plans do provide a certificate.

I can't think of any obligations on the part of the insureds unless they are paying part of the premium. They do have an obligation to understand the policy and whats covered, not covered and how to claim

Is that what you were looking for?

What is Group insurance?

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