group life insurance contract
(2) Group life insurance contract The term “group life insurance contract” means any life insurance contract— (A) which covers a group of individuals defined by reference to employment relationship, membership in an organization, or similar factor, (B) the premiums for which are determined on a group basis, and (C) the proceeds of which are payable to (or for the benefit of) persons other than the employer of the insured, an organization to which the insured belongs, or other similar person.