n. insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group
Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance, which might be because they are a worse than average risk.
Group insurance may offer life insurance, health insurance, and/or some other types of personal insurance.
Usage examples of "group insurance".
The driver's license, the dozen credit cards, the Social Security and group insurance cards, the business cards, and the wrinkled receipt from a dry cleaner all bore the same name: Pierce G.
The combination of group insurance with a group-practice system (essentially the system at Kaiser and others) seems a feasible, economical, and practical method, acceptable both to doctors and patients.
It is a point of interest to me, because I had trouble with underwriters for group insurance who made no distinction between Type I and Type II diabetes and barred me from coverage because of it, until I went over their heads and got a reversal.
It was a great gray stone Coventry of a school, where young boys went in unmarked, and emerged some years later all punched and coded to fit into the System, with fringe benefits and an approximate date of death IBM'd by the group insurance company.
Without thinking, Pepsi lashed out with his toenails and ran past, leaving the guard writhing on the ground holding the one area neither protected by his armor nor by his group insurance policy.