- key person insurance
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Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
key person insurance
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key person insurance — UK US noun [U] ► INSURANCE BUSINESS LIFE AND HEALTH INSURANCE(Cf. ↑business life and health insurance): »Key person insurance is designed to protect a company from the loss of a person who makes a significant contribution to the financial success … Financial and business terms
key-person insurance — UK US noun [uncountable] business an insurance policy intended to pay for replacing a worker who is very important to an organization Thesaurus: insuring and insurancehyponym types of tax and taxationhyponym … Useful english dictionary
Key Person Insurance — A life insurance policy that a company purchases on a key executive s life. The company is the beneficiary of the plan and pays the insurance policy premiums. Also known as key man insurance , key woman insurance or business life insurance . Key… … Investment dictionary
key-person insurance — UK / US noun [uncountable] business an insurance policy intended to pay for replacing a worker who is very important to an organization … English dictionary
key-person insurance — / ki: pɜ:s(ə)n ɪnˌʃυərəns/ noun an insurance policy taken out to cover the costs of replacing an employee who is particularly important to an organisation if he or she dies or is ill for a long time … Dictionary of banking and finance
insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or … Law dictionary
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
Corporate-owned life insurance — (COLI), also known as dead peasant life insurance[1] or janitors insurance[2], is life insurance on employees lives that is owned by the employer, with benefits payable to the employer. When the employer is a bank, it is known as a bank owned… … Wikipedia
keyman insurance — (keyman life assurance/keyman insurance) Also known as key person insurance or business life insurance. A life assurance policy taken out in respect of a key executive which provides the company with a cash cushion in the event of the death of… … Law dictionary
