group life assurance

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A life-assurance policy that covers a number of people, usually a group of employees or the members of a particular club or association. Often a single policy is issued and premiums are deducted from salaries or club-membership fees. In return for an agreement that all employees or members join the scheme, insurers are prepared to ask only a few basic questions about the health of a person joining. However, with the advent of AIDS insurers are no longer prepared to waive all health enquiries.

Subjects: Financial Institutions and Services.

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