What is the Group Insurance is?
A Group Insurance is the insurance that covers many people under a one and single Policy with employer as the Policy Holder and employees as the Insured which, in most case, is the giving of welfare to employees. In this respect, the Insurer will issue to the employer only one and single Policy so called “Master Policy” where the employees will be given a document so called “Insurance Certificate or Health Insurance Card” as an evidence on taking the insurance or for use in exercising their rights of medical treatments. The Group Insurance which employers can make for their employees consists of many forms: such as;
- Group Life Insurance: Providing coverage on the loss of life in all cases no matter what the cause is either from sickness or an accident both within the working hours or out of the working hours throughout 24 hours worldwide which, in this connection, the insurer will pay the insured amount to the heir(s)/heiress(es) or beneficiary/beneficiaries of the employee as specified.
- Group Accident Insurance: Providing coverage on the loss of life or dismemberment (arms, feet, sight) from an accident. There may be compensatory money for medical treatments as a result of an accident or an injuries requiring hospitalization, as well.
- Group Total Permanent Disability Insurance: Providing coverage in the case where the insured is totally and permanently disable from sickness or an accident which, in general, the insurer will provide coverage when the person becomes totally and permanently disable continuously for a period of not less than 180 days from the date of the occurrence of the incident.
- Health Group Insurance: Providing coverage relating to compensation, medical treatment costs arisen from injuries or sickness both in the case of in-patient and out-patient.
Advantage which employer will receive
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Advantage which employees will receive
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