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Group Insurance

Group insurance provides a mechanism for employers to provide employee benefits as part of an employee’s total compensation package, as part of one group, outside of government-provided benefit programs.

There are many reasons that an employer may wish to provide employee benefits through a group insurance plan for their employees including:
Group Insurance Conditions
 
For a group insurance plan to exist there needs to be an element of risk for a potential loss that can be measured and predictable. To arrange a group insurance policy the following key ingredients must be in place:
 
 
Elements of Group Insurance Policy
 
A group insurance policy is a legal contract between an employer or plan sponsor and an insurance company. The group insurance policy will outline the terms of the agreement between the two parties with details surrounding: