Master Policy Health Insurance Definition
Master policy definition master policy in property and liability coverage the combining of several locations or operations under a single policy for the same insured or insureds.
Master policy health insurance definition - A master policy usually covers multiple persons under a group insurance plan. A master policy or contract is issued by an underwriter to a company. A master policy can be for a group insurance policy such as group health or group life insurance.
A grandfathered health plan is an insurance policy purchased on or before march 23 2010 that is exempt from many consumer protections under obamacare. State rules may also permit issuance of a group master policy to cover any other substantially similar group which in the discretion of the commissioner of insurance may be subject to the issuance of a group policy or contract see for example georgia insurance code 33 30 1 5 and alabama insurance code 27 20 1 5. The cover can cease if one leaves the group.
This ensures employers make objective decisions about who to enroll into the policy. The definition of a master policy is as follows. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy.
The term may also be used in the case of construction wrap ups. An insurance policy that is purchased by and issued to a trustee or employer which in turn establishes a group plan under which employees can be covered. It could be for life insurance medical insurance or general insurance.
Master policy means an insurance policy that provides coverage to eligible employees or members on a group basis. Premium can be charged to the members or paid by the group. Only one master policy will be issued to the manager of the group and will be in the name of the group eg.
Non renew or even increase premiums or restrict coverage on renewal of an insurance policy. The master policy specifies matters such as the eligibility criteria for insurance coverage for example length of employment. Here are some things to be careful about when you participate in a group policy.
Group insurance is an insurance that covers a group of people for example the members of a society or professional association or the employees of a particular employer for the purpose of taking insurance. A type of insurance coverage that applies to communally used features in residential multi family buildings as well as the structures inside the individual units.
