Meaning of “collective policy” in the English Dictionary

"collective policy" in Business English

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collective policynoun [ C ]

uk us INSURANCE

an insurance agreement that insures two or more people, companies, etc.:

All researchers are covered against the risks of accident by a collective policy.

an insurance agreement in which two or more companies provide insurance for a particular risk

(Definition of “collective policy” from the Cambridge Business English Dictionary © Cambridge University Press)