Question

Briefly discuss the following:

Group Life Insurance

Answer 1

1. Group life insurance is basically a contract between the insurance company and the employer. The policy issued to the employer is called the master contract.
2. The premium is generally paid jointly by the employee and the employer.
3. The amount of premium is payable at a flat rate without any regard for the age and salary of the employees.
4. In case of injury or death to an employee, the claim received by the employer is paid to the employee or his nominee.