A master policy is a type of insurance policy that covers multiple individuals or entities under a single contract. This is commonly used in situations like group insurance plans, where a company provides health or life insurance to its employees. The master policy outlines the terms, coverage limits, and conditions for all insured parties. In addition to group insurance, master policies are often utilized in commercial real estate, where a property owner can insure multiple buildings under one policy. This approach simplifies administration and can lead to cost savings, as it reduces the need for individual policies for each insured entity.