March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Summary
Group insurance provides benefits to a number of persons under a single master contract. Low-cost protection is provided because the employer pays part or all of the premiums. Evidence of insurability is usually not required. Larger groups are subject to experience rating, by which the group’s loss experience determines the premiums charged.
Certain underwriting principles are followed in group insurance to obtain favorable loss experience:
Insurance should be incidental to the group.
There should be a flow of persons through the group.
Ideally, the benefits should be determined by some formula that precludes individual selection of benefit amounts.
A minimum percentage of eligible employees should participate in the plan.
There should ...
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