GMC (Group Mediclaim)
A plain-English definition from the DeployIT insurance technology glossary.
In short: Employer-sponsored group health insurance covering employees (and often dependents) under one master policy.
Related terms
- GPA / GTL
- Group Personal Accident and Group Term Life.
- CD Account (Cash Deposit)
- A float account an employer maintains with an insurer to fund group policy endorsements (member additions) during the policy year.
- Endorsement
- A mid-term modification to a policy, such as adding or removing group members, address changes or nominee changes, issued as an amendment.
See it in practice
See this concept working in software
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