EB General Insurance Terms

Question 1

Group Insurance

Answer 1

A common type of insurance in which a single contract is issued to a group, usually an employer, and coverage is extended to the employees of that company.

Question 2

Life Insurance

Answer 2

A type of insurance product that provides a sum of money to one or more named beneficiaries in the event the insured person dies.

Question 3

Policyholder

Answer 3

An employer, labor union, association, trust fund or other entity responsible for making group policy premium payments to an insurer.

Question 4

Disability Insurance

Answer 4

A type of insurance product that provides income in the event that the insured person is prevented from working and earning an income due to a illness, injury, or disability.

Question 5

Premium

Answer 5

The amount of money an individual or business pays for an insurance policy. Failure to pay the premium may result in the cancellation of the policy.