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Grace
Period
The specified period after a premium payment is due, in which the policyholder
may make such payment, and during which the protection of the policy
continues.
Gross
Premium
The actual premium paid by the policyholder before any tax relief or
discount is taken into account.
Group
Contract
A contract of insurance made with an employer or other entity not formed
for the purpose of obtaining insurance that covers a group of persons
identified by reference to their relationship to that entity. Several
different types of insurance may be arranged on this basis, including
life, critical illness, income protection, private medical, etc.
Group
Critical Illness Scheme
A scheme that will pay a cash lump sum to members diagnosed as suffering
from one of a range of specified illnesses and conditions.
Group
Health Insurance
Health insurance written on a number of people under a single master
policy, issued to their employer or to an association with which they
are affiliated.
Group
Income Protection
Group Income Protection Insurance (also known as Permanent Health Insurance,
or PHI) gives sick and injured employees a replacement income, and provides
the means for the employer to retain staff even when they are not contributing
to the business. The benefit (typically) becomes payable when the company's
sickness scheme ends and continues as long as the employee's absence
lasts, right up to normal retirement age.
Group
Life Insurance
Group Life is designed to pay a benefit, in either lump sum form or
as a dependants' pension, on the death of the member.
Group
Permanent Health Insurance
An alternative name for Group Income Protection.
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