What does Key Person Insurance mean? Read on to discover the definition & meaning of the term Key Person Insurance - to help you better understand the language used in insurance policies.
Key Person Insurance
Key person insurance is a life insurance policy taken out by an organization or business on the life of a key executive, employee, partner or proprietor to protect against the loss of value, revenues or profits of the business. The former is also the beneficiary of the policy.
We hope the you have a better understanding of the meaning of Key Person Insurance.