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01:32 Jul 4, 2003
Spanish to English translations [PRO] Insurance / Insurance
Spanish term or phrase:Seguro de Retiro Colectivo
Se trata de una Aseguradora Privada que vende Seguros de Retiro Individuales o Colectivos...
Explanation: What is **group insurance** and how does it work?
When an insurer provides insurance coverage for many people under a single master contract, the result is **group insurance**. Although the employer group is by far the most common setting in which to find a contract of **group insurance**, group coverage has also been offered to members of social fraternities, alumni associations and through banks and other lenders to insure the debts of their borrowers.
**Group insurance** operates under entirely different concepts and principles than does individual insurance. Many mistakenly assume that group insurance is a large scale wholesaling of individual term policies under a common administration. This is not the case. Group coverage insures “classes of persons”, not individuals. The contract of group insurance is between the insurer and the organization purchasing the group contract (most often an employer). Different employees may enter or leave the group, but the names of individual employees never appear in the contract....
What is **group insurance**?
Generally, **group insurance** is defined as a policy that an employer makes application for, with an insurance company. The employer generally pays the employees' premium or a major part of it . In general, group insurance is "guaranteed issue". That means that the insurance company cannot turn any applicant down.