A life insurance policy paid for by the business and naming the company as beneficiary if the employee dies is called key person insurance.

Question

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Key person insurance is a type of life insurance policy that is paid for by the business and names the company as the beneficiary in the case of the death of a key employee. It is designed to provide financial protection to the business in the event of the loss of a key employee who is critical to the success of the company.

A Life Insurance Policy Paid for by the Business and Naming