innovation of banking and insurance
GROUP INSURANCE
NIRANJANA MAJITHIA DEGREE COLLEGE
GROUP NAME:
09-ANIKET KAMBLE
10-GAURI KONDALKAR
11- MINAL MISTRY
13-DAKSHA PAWALE
14-VISHKHA RAWOOL
15- RONAK SATIKUWAR
16-TORAL SAWANT
STD: SECOND YEAR BANKING & INSURANCE
PROJECT NAME: GROUP INSURANCE
SUBJECT: INNOVATION IN BANKING & INSURANCE
GUIDED BY: PROFF. SHIVANGI TRIPATHI
GROUP INSURANCE
DEFINATION
Group Insurance: insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group. Insurance which is issued to a group, such as an employer, credit union, or trade association, and which provides coverage for individuals and sometimes their dependents.
MEANING
Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance (thus increasing adverse selection); instead, they are in the group for reasons unrelated to insurance, such as all working for a particular employer.
A feature which is sometimes common in group insurance is that the premium cost on an individual basis may not be risk-based. Instead it is the same amount for all the insured persons in the group. So, for example, in the United States, often all employees of an employer receiving health insurance coverage pay the same premium amount for the same coverage regardless of their age or other factors. In contrast, under private individual health insurance coverage in the U.S., different insured persons will
NIRANJANA MAJITHIA DEGREE COLLEGE
GROUP NAME:
09-ANIKET KAMBLE
10-GAURI KONDALKAR
11- MINAL MISTRY
13-DAKSHA PAWALE
14-VISHKHA RAWOOL
15- RONAK SATIKUWAR
16-TORAL SAWANT
STD: SECOND YEAR BANKING & INSURANCE
PROJECT NAME: GROUP INSURANCE
SUBJECT: INNOVATION IN BANKING & INSURANCE
GUIDED BY: PROFF. SHIVANGI TRIPATHI
GROUP INSURANCE
DEFINATION
Group Insurance: insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group. Insurance which is issued to a group, such as an employer, credit union, or trade association, and which provides coverage for individuals and sometimes their dependents.
MEANING
Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance (thus increasing adverse selection); instead, they are in the group for reasons unrelated to insurance, such as all working for a particular employer.
A feature which is sometimes common in group insurance is that the premium cost on an individual basis may not be risk-based. Instead it is the same amount for all the insured persons in the group. So, for example, in the United States, often all employees of an employer receiving health insurance coverage pay the same premium amount for the same coverage regardless of their age or other factors. In contrast, under private individual health insurance coverage in the U.S., different insured persons will