The pure mortality cost of a Life Insurance policy from its inception to its maturity date, divided by the number of years the policy is to be in force. See also Level Premium Insurance.
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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.