Which of the following characteristics is typical of group insurance? A.Each employee receives an individual contract   B.All full-lime employees are eligible for coverage.   C.Employees may automatically enroll for coverage at any time.

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Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.