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What is Group Insurance Policy?

It is an insurance policy covering employer-employee groups or non-employer-employee groups offering standardized coverage. Group health insurance plans are purchased by companies and organizations, and then offered to its members or employees. Plans can only be purchased by groups, which means individuals cannot purchase coverage through these plans. Plans usually require at least 70% participation in the plan to be valid. Because of the many differences insurers, plan types, costs, and terms and conditions between plans, no two are ever the same. Simply put, this type of insurance is cheaper and more affordable than individual plans available on the market because there are more people who buy into the plan. For more information please visit here https://www.capbluecross.com/wps/portal/cap/employer/shop-group-plans

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What is Group Insurance Policy?

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  1. WHAT IS GROUP INSURANCE POLICY? It is an insurance policy covering employer-employee groups or non-employer-employee groups offering standardised coverage. 1. A group insurance policy offers advantages of standardised coverage at very competitive premium rates as risk is spread over a larger number of people. 2. Groups can be employer-employee groups or non employer-employee groups such as holders of the same credit card, account holders of a bank or members of a social or cultural association. 3. Only one master policy is issued to the manager of the group and is in the name of the group. It could be for life insurance, medical insurance or general insurance. 4. Premium can be charged to the members or paid by the group. 5. The cover can cease if one leaves the group. Source: www.tomorrowmakers.com www.advdms.com

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