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What are the advantages and disadvantages of a group-based indemnity policy?

A Group-based indemnity policy comes with both advantages and disadvantages. Advantages of Group-based indemnity policy – 1. Waiver of medical underwriting – Medical tests are not mandatory for group insurance schemes. Hence, guaranteed policy issuance for members who may have pre-existing medical conditions. 2. Waiver of waiting period for pre-existing diseases – Individual policies generally […]

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What is Group Insurance Policy?

Group Insurance Policy refers to the type of insurance which covers a ‘group’ of people instead of one individual. So, the only condition is for all members of one group to include in a single policy is that the group’s risk should be homogeneous. The ‘Groups’ can be of two types: Formal Groups (Employer-Employee): The […]

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Universal Insurance Principles Applicable to Group Insurance Policies

Here are universal insurance principles governing the group insurance policies – 1. The Principle of Uberrimae Fidei: It is a Latin phrase that also means Principle of Utmost Good Faith. It’s the basic and primary principles of insurance that say both the parties to the insurance contract should sign it in good faith. The insurer […]

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Some Important Terms Used in Group Insurance Contracts and Their Meanings

group insurance is an arrangement in which a large number of people are covered under a single master insurance policy. So what are the important terms used in Group Insurance contracts and their Meanings? Here are some of the Important terms used in Group Insurance contracts, along with their meanings, associated with group insurance – […]

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