Definitions for "Group Life Insurance"
Life insurance usually offered without medical examination on a group of people through a master policy.
Insurance on the lives of several persons as a group, written under one contract called a master policy.
This is a very common form of life insurance that is found in employee benefit plans and bank mortgage insurance. In employee benefit plans the form of this insurance is usually one-year renewable term insurance. The cost of this coverage is based on the average age of everyone in the group. Therefore a group of young people would have inexpensive rates and an older group would have more expensive rates.
Keywords:  guaranteed, addition
Guaranteed Addition