key person insurance
Definition
Life and/or disability insurance on one (or more) key persons whose loss or unavailability may cause loss of profit, goodwill, or increase in expenses. These insurance policies help finance the search and training of a successor, or compensate for fall in profits. Also called key employee insurance.
key person insurance is in the General, Marine, & Life Insurance subject.
key person insurance appears in the definition of the following term: key employee insurance
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