Definitions for "Key Person Insurance"
Related Terms:
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Life insurance purchased by a company or investor on the life of a key executive. Usually the company is the policy's beneficiary. also called business life insurance.
Insurance on the life of a key employee whose death would cause the employer financial loss. The policy is owned and payable to the employer.
Insurance placed on an important person in a business to indemnify the business for loss of profits, goodwill and the increased expenses of having to replace the individual in the event of death or disability.
Insurance on the life of the key person in a business, so that in the event of disablement or death, the business receives sufficient funds to tie it over until a replacement is found.
life insurance policy taken out on "key pee" in the company with the beneficiary being the company; proceeds are used to buy out the deceased's shares or ownership interest in the company
A type of life insurance or disability insurance that protects a business from the financial losses that occur when a key person dies or becomes disabled.
In the event of the death of a key employee on whom the business depends for its continued profitability, or even existence, this type of cover provides a sum of money which can be used to pay for the cost of finding and training a successor, and to compensate for reduced profitability.
Insurance designed to protect a business against the loss of income resulting from the disability or death of an employee in a key position, on whom the operation and viability of a company depends.
Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.
Life insurance devised to insure individuals who are important to a business's success.
insurance against the death or disability of a person who is vital to the profitability of a business.
Life insurance purchased by a business on the life of a person (usually an employee) whose continued participation in the business is necessary to its success and whose death or disability would cause financial loss to the company.
Also known as Key Man insurance, Key Woman Insurance, or Business Life Insurance. Key Person insurance is life insurance purchased by the company on the life of an employee or employees whose loss would have adverse effects on the company. Employees are valuable assets and the loss of some key employees could significantly impact the profitability, stability and progress of the company.
A life assurance policy to cover the death of a business's key employee. It pays out a lump sum that is designed to cover the costs of finding and training a replacement as well as covering any loss of profitability.
Business-owned life insurance contract typically on the lives of principal officers that normally provides for guaranteed death benefits to the company and the accumulation of a cash surrender value.
Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
Insurance purchased on the lives of key managers who are seen as crucial to the future of the company. Often, provided as additional security to lenders or financial backers.
A type of life insurance policy that a company purchases on the life of the company's key executive.
Small companies often have employees who possess craft or scientific knowledge, leadership, and valued skills. Hiring a replacement might alter business planning, profit, stability, and management. To address the financial aspect of replacing a key employee, the corporation becomes owner and beneficiary on an insurance policy that reimburses the company for untimely loss of a key person employee.