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INSURANCE DEFINITIONS
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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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