Partnership Insurance Law and Legal Definition
Partnership insurance is a type of business insurance that provides funds which lead the remaining partners in a business to buy the business interest of a deceased or disabled partner. After the death of a partner, the insurance company pays an amount that is equal to the value of the deceased partner's ownership stake so that the stake can be purchased from the heirs of the deceased.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
