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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Fundamentals of Group Insurance

Group insurance is based on certain fundamental principles. The following section discusses (1) the major differences between group and individual insurance, (2) basic group underwriting principles, and (3) eligibility requirements for group insurance benefits.

Differences between Group Insurance and Individual Insurance

Group insurance differs from individual insurance in several respects. A distinct characteristic is the coverage of many persons under one contract. A master contract is formed between the group policyholder and insurer for the benefit of the individual members. In most plans, the group policyholder and the insurer are the only two parties to the contract. Employees are not a party to the contract; ...

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