What defines "group life insurance"?

Group life insurance is defined as a policy that provides coverage for a group of people, typically under a single master policy. This type of insurance is often provided by employers, associations, or other organizations to cover their members. One of the key features of group life insurance is that it often covers individuals without the need for separate medical underwriting for each member of the group. This means that individuals can obtain coverage more easily and quickly, regardless of their health status, as the risk is spread across the entire group rather than assessed individually.

In contrast, the other options focus on conditions that are not characteristic of group life insurance. For instance, the second option emphasizes coverage for only high-risk individuals, which is not true for group policies, as they typically encompass a broad range of individuals and do not single out high-risk members. The third option suggests that each individual must pay separate premiums, which contradicts the structure of group life insurance where a single premium is usually paid by the organization, covering all members. Lastly, the fourth option implies that the policy only covers family members, which isn't accurate, as group life insurance can extend to any designated group, not limited to family relations.