What does Partnership Insurance mean? Read on to discover the definition & meaning of the term Partnership Insurance - to help you better understand the language used in insurance policies.
Partnership insurance is a type of insurance that is commonly purchased by partners in a business. It generally involves partners purchasing life insurance policies on each other and naming themselves as the beneficiary. This way, if one of the partners dies, the other can use the life insurance payout to purchase the deceased partner's share of the business.
We hope the you have a better understanding of the meaning of Partnership Insurance.