GROUP INSURANCE Meaning and
Definition
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Group insurance refers to an insurance policy that is purchased by an organization or employer for the benefit of its members or employees. It is a type of insurance plan in which a group of people, typically connected through their workplace or membership in an organization, are covered under a single insurance contract. The primary purpose of group insurance is to provide financial protection and coverage against various risks to a large number of individuals simultaneously.
Group insurance is commonly offered by employers as part of their employee benefit package. It provides coverage for a diverse range of risks, including health, life, disability, accident, dental, and vision. The premium for group insurance is usually paid by the employer, although there may be a contribution required from the employee as well. The cost of the premium is often lower compared to individual insurance policies due to the economies of scale achieved by pooling a large group of individuals.
Typically, group insurance policies have more relaxed underwriting requirements and do not usually require individual medical examinations. It is also worth noting that these policies provide coverage as long as the individual remains a part of the group, which means that coverage can be lost if the person leaves the organization or membership is terminated.
In summary, group insurance is an insurance policy provided by an organization or employer for the benefit of its members or employees, offering coverage against various risks at a potentially lower cost compared to individual policies.
Common Misspellings for GROUP INSURANCE
- froup insurance
- vroup insurance
- broup insurance
- hroup insurance
- yroup insurance
- troup insurance
- geoup insurance
- gdoup insurance
- gfoup insurance
- gtoup insurance
- g5oup insurance
- g4oup insurance
- griup insurance
- grkup insurance
- grlup insurance
- grpup insurance
- gr0up insurance
- gr9up insurance
- groyp insurance
- grohp insurance
Etymology of GROUP INSURANCE
The word "group insurance" consists of two parts: "group" and "insurance".
The term "group" originated from the Old French word "groupe", which means a cluster or a knot of people. It further derived from the Italian "groppo" and the Germanic word "kruppaz", both meaning a knot or a bunch.
On the other hand, the word "insurance" comes from the Old French word "asseurance", meaning assurance or a guarantee. It developed from the Latin word "securus", which means secure or without care.
When combined, "group insurance" refers to an insurance policy that covers a collection of individuals who share a common link, such as employees of a company or members of an organization. The etymology of each individual term contributes to the meaning of this phrase.
