key-person assurance

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An assurance policy on the life of a key employee of a company, especially the life of a senior executive in a small company, whose death would be a serious loss to the company. In the event of the key person dying, the benefit is paid to the company. In order that there should be an insurable interest, a loss of profit must be the direct result of the death of the key person.

Subjects: Financial Institutions and Services.

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