The sacrifice of property exposed to risk in a maritime adventure, in time of peril, for the purpose of preserving the remainder of the interests from a total loss.
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Group Contract
contract of insurance made with an employer or other entity that covers a group of persons identified by reference to their relationship to the entity buying the contract. The group contractual arrangement is generally used to cover employees of a common employer, members of a trade association or trusteeship, members of a welfare or employee benefit association, members of a labor union, or members of a professional or other association not formed only for the purpose of obtaining insurance.