Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
The allegations of bribery and fraud are the latest blow for the tycoon, one of India's richest people.
The regulator uses new powers to prevent bonuses being funded from customer bills.
Hwang was found guilty of fraud in a case that cost Wall Street banks billions of dollars in losses.
The government wants to address the loss of social housing, but critics say more action is needed.
The inflation rate has risen, putting pressure on people's finances and casting doubt on interest rate cuts.