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What is group term insurance?
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Group term insurance is one that covers several persons under one policy, called a master policy. The individuals insured under this policy are not parties to the contract, although they do have certain rights under the policy. Usually, groups insured under group insurance policies are employer-employee groups. In this type of insured group, the employer is the policyowner and the employees are the insureds.
This type of insurance is usually a yearly renewable term insurance, and the premiums are intended to cover expected benefits and expenses for only the current policy year. << Back |
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