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What is the purpose of person insurance?Key person insurance is a type of life insurance policy that provides a death benefit to a business if its owner or another significant employee passes away, according to the Insurance Information Institute (III).
What is a key person in life insurance?Key person insurance is a life insurance policy that a business takes out on its most valuable employee or employees. A policy can also include a rider for disability coverage to help if a key employee is disabled. Key person insurance helps safeguard a small business if an imperative employee dies or becomes disabled.
What is the purpose of an insurance policy quizlet?An insurance policy is a legal contract between and insurance company and an insured, in which the insurance company will pay an insured for covered losses in exchange for the insured paying the premiums.
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