Insurance provided to members of a formal group, such as employees of a firm or members of an association
Group insurance
Distinguished from individual insurance in which single policies are sold to one person at a time
Distinguished from social insurance [i.e., social security], which is sponsored by the government
Group life insurance
Typically offered as a piece of a larger employer or membership benefit package
Group insurance
By purchasing coverage through a provider on a 'wholesale' basis for its members, the coverage costs each individual worker/member much less than if they had to purchase an individual policy
Certificate of credible coverage
Received by people who elect coverage through the group policy, necessary to provide to a subsequent insurance company in the event that the individual leaves the company or organization and terminates their coverage
