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. 2015.

Look at other dictionaries:

  • 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… …   Law dictionary

  • key-man insurance — Gen Mgt see key person insurance …   The ultimate business dictionary

  • 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 — 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-person insurance — Gen Mgt an insurance policy taken out to cover the costs of replacing a key employee. Key person insurance comes into play in the case of an employee’s mediumto long term sickness or death. Also known as key man insurance …   The ultimate business 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

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