Which term is used for a policy written as a master policy covering the lives of more than one individual under a single policy?

Which term is used for a policy written as a master policy covering the lives of more than one individual under a single policy?

• A. Fixed life insurance
• B. Solicitation of insurance
• C. Group life insurance
• D. Illustration

Answer: (C)

Group life insurance is the term used for a policy written as a master policy covering the lives of more than one individual under a single policy. This arrangement is typically issued to an employer or association, with a master policy that covers all eligible participants. Each person gets a certificate of insurance as proof of coverage, rather than an individual policy. The master policy sets the terms—who’s eligible, the benefit amounts, and how premiums are determined—while the certificates detail each member’s specific coverage. This structure simplifies underwriting and usually lowers costs compared to issuing separate policies for everyone.

Group life insurance is the term used for a policy written as a master policy covering the lives of more than one individual under a single policy. This arrangement is typically issued to an employer or association, with a master policy that covers all eligible participants. Each person gets a certificate of insurance as proof of coverage, rather than an individual policy. The master policy sets the terms—who’s eligible, the benefit amounts, and how premiums are determined—while the certificates detail each member’s specific coverage. This structure simplifies underwriting and usually lowers costs compared to issuing separate policies for everyone.