Page 25 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 6 Group Life
When a group of people, linked to each other for a common
purpose /objective, come together and buy insurance it is
known as group insurance.
Group insurance can be bought by employer for its employees,
professional associations for their members, financial
institutions for their customers etc.
In an individual insurance contract level premium is charged
whereas in a group insurance contract premium is charged
generally from year to year according to the ages of the
assured in the respective years.
In an individual insurance contact a policy bond is issued to the
assured by the insurer, whereas in case of a group insurance
contract a master policy is issued to the group representative.
