Life insurance can be owned by individuals but cannot be owned by businesses?

Name: Life insurance can be owned by individuals but cannot be owned by businesses?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Life insurance can be owned by businesses, which is called "key person" insurance or "group" insurance. This type of insurance is often used to protect a business in case a key employee or executive passes away, causing financial loss to the company.

Life Insurance Can Be Owned by Individuals but Cannot Be