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Question
State any three features of Group Insurance.
Answer in Brief
Solution
- Insurance is provided to all employees without any evidence of insurability.
- It provides risk coverage to the employees as long as they remain in the service of the employer.
- Group life insurance is basically a contract between the insurance company and the employer. The policy issued to the employer is called a master contract.
- The premium is generally paid jointly by the employee and the employer.
- The amount of the premium is payable at a fixed rate without regard for the age or salary of the employees.
- In cases of injury or death to an employee, the claim received by the employer is paid to the employee or his nominee.
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Social Security in India
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