The meaning of GROUP LIFE INSURANCE is insurance upon the lives of a number of persons under a blanket policy without medical examination and at low cost.
These are typically yearly renewable term (YRT) life insurance policies — meaning, if you're still with the company after 12 months, your employer can extend coverage. Since it's term life insurance, though, it doesn't include any cash value, like a permanent policy would. You may be ab...
Blanket insurance policymeans a group policy covering a defined class of Life Insurance Policyhas the meaning given in Section 6.11. D&O Liability Insurance Policiesmeans all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, ...
Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to: Insurance score means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or ...
NOUNan insurance policy(=an insurance agreement)Thi Examples from the Corpus insurance•Many Americans cannotaffordhealthinsurance. claim (for) something on your insurance•And they can't beclaimed back on your insuranceif it's afalsealarm. ...
These policies have a “graded death benefit,” meaning that the policy’s beneficiary will only receive a partial payment of the death benefit if the insured dies during the policies’ first two years. The agent who sells you the policy can confirmhow long it takes to get a life insurance...
the meaning that favors the insured and goes against the insurance firm will prevail. Insurance policies are often drafted by one party, the insurance firm, the insured has no input in setting the terms of an insurance policy or contract. Therefore, if the terms of the policy are ambiguous,...
Life insurance companies set their rates based on risk, and underwriters will use the information on your application to find out how likely you are to pass away during the term of your policy, meaning they will have to pay out the death benefit to your beneficiary. ...
A self-funded consortium, on the other hand, pools together financial resources from member organizations to coverclaims. It collects premiums and also administers the plan itself. In order to protect itself from severe claims, a self-funded consortium typically purchases an insurance policy to cove...
(which is a type ofpermanent policy, meaning it lasts your lifetime and includes cash value). As you can see, the same 30-year-old healthy male would pay an average of $100 a month and at 50, he’d pay $227. Although this policy pays out significantly less than the term policy ...