What term describes a group formed for the purpose of obtaining insurance through the combination of several parties?

The term that accurately describes a group formed for the purpose of obtaining insurance through the combination of several parties is a "fictitious group." This term refers to an arrangement where individuals or entities pool their resources or risks together to secure insurance coverage that might be more favorable or accessible than what they could obtain individually.

In many cases, such groups can effectively leverage their collective bargaining power to negotiate better rates and terms with insurance providers. This approach not only fosters a sense of community among the members but also enhances their ability to mitigate risk collectively.

Other options do not accurately convey this specific concept. For instance, "prudent group" does not represent a recognized type of group in the context of insurance. A "charitable group" typically focuses on philanthropy rather than the specific objective of procuring insurance. Similarly, a "commercial group" may indicate a business entity but lacks the specific connotation associated with the collective effort to obtain insurance coverage in the way that "fictitious group" embodies.