A funding mechanism whereby an insurance company contracts with an employer group to provide a specific combination of benefits for all members of the organization.
Under Social Security, an individual's status of complete eligibility for benefits. Provides retirement benefits as well as survivor benefits. A fully insured individual has also met one of the requirements for disability benefits.
When employers purchase a fully insured benefits plan, they pay the insurer to administer and manage the benefits they've chosen, pay claims and assume the risk for the group's utilization of services.