key man insurance

key man insurance
USA
Life insurance, disability insurance or both purchased by a company on a key employee to compensate the company for financial losses relating to the absence of that employee.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • key man insurance — A life insurance policy purchased by a company to insure the life of a key executive. The company is the beneficiary in case of the executive s death. Bloomberg Financial Dictionary …   Financial and business terms

  • key man insurance —    Life insurance on a business partner or an especially important manager that is intended to help a business through the loss of a contributor of money and expertise, and to help pay for hiring and training a replacement …   Business law dictionary

  • key man insurance — Type of insurance coverage purchased by companies to protect them on the death or disability of a valued employee or by partnership to provide for funds with which to buy out the interest of such partner on his death or disability …   Black's law dictionary

  • key man insurance — Type of insurance coverage purchased by companies to protect them on the death or disability of a valued employee or by partnership to provide for funds with which to buy out the interest of such partner on his death or disability …   Black's law 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 man or woman insurance — A life insurance policy purchased by a company to insure the life of a key executive. The company is the beneficiary in case of the executive s death. Bloomberg Financial Dictionary …   Financial and business terms

  • 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

  • key — adj: of vital importance (as in a business organization) esp. so as to be specially insured to the benefit of an employer key man key employee insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

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