Which of the following best describes the purpose of a group life insurance policy?

A group life insurance policy is designed primarily to provide coverage for a group of people, typically employees, under a collective arrangement. This type of insurance is often provided by employers as part of a benefits package, covering all eligible employees regardless of their individual health statuses. The benefit of group life insurance is that it can be more affordable than individual policies, as risks are spread over the entire group rather than assessed individually.

In the context of workplace benefits, group life insurance allows for simplified underwriting processes and guarantees coverage to all members of the group, enhancing participation and providing security to employees and their families. This policy is also distinct from individual life insurance, which is tailored specifically to one's health status and personal circumstances.

Thus, the primary function of a group life insurance policy is to ensure that employees have access to life insurance protection collectively, making it an essential part of employee welfare programs.