Meaning
Group Insurance provides coverage for a group of people, typically employees of a company or members of an organization, under a single master policy.Definition
It’s an insurance policy covering a defined group, offering standardized benefits like health, life, or disability to all members via one contract.How It Works
An employer or organization buys a master policy. Members gain coverage, often at lower costs than individual plans, due to pooled risk and administrative efficiency.Key Benefits
Offers financial protection, promotes employee well-being, and typically involves simpler enrollment with reduced premiums for individuals.Author
