Key Person Life Insurance Law and Legal Definition
The sudden death of a key person in a company can result in a disastrous financial impact on the company. It can weaken the company’s credit rating or require the sale of a portion or all of the business if there is no way to cover costs. A key person life insurance is a type of life insurance purchased by a business to protect it against any loss caused by the death of an important officer or employee.
Legal Definition list
Related Legal Terms
- Absent Person
- Abuse in Later Life Program [Department of Justice]
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accidental Personal Injury
- Accommodation Line [Insurance]
- Accountable Personal Property
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
