Group Insurance

A type of insurance that provides coverage for a group of people (e.g. employees or members of an association) under one contract called a group plan or group policy.

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These group policies are sometimes referred to as 'master policies' or 'master agreements'.

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In this arrangement the employer or association is referred to as the 'plan sponsor', and the insured people under the plan are referred to as 'plan members'.

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The employer or association is the 'policyholder' and engages  with the insurance company to negotiate the benefits and pricing of the plan.

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Plan members are issued 'certificates' of insurance under the group policy.