Definition - What does Group Insurance mean?
Group insurance is a policy offered to people belonging to a certain group, such as employees of a company or members of an organization. Usually, the coverage ceases once the insured is no longer a member of the group.
Insuranceopedia explains Group Insurance
The most common type of group insurance is health insurance benefits for full-time employees. Group policies have to be egalitarian: as a rule, if an employer covers one full-time employee, they are thereby required to cover all of their full-time employees. Part-time employees may also get coverage, depending on the employer.
The premium might be paid in full by the employer or shared by the employer and the employee.
Since the insurer can sell multiple policies at once, group insurance is more affordable per insured than a comparable individual policy.
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