Benefits Lesson

Key Person Insurance

Key?person insurance is a life insurance policy that a company buys on the life of a top executive or another critical individual. This type of insurance is needed if that person's death would be devastating to the future of the company. These policies are often times placed on the owners of the business.

Lesson Script

What This Video Covers

Key?person insurance is a life insurance policy that a company buys on the life of a top executive or another critical individual. This type of insurance is needed if that person's death would be devastating to the future of the company. These policies are often times placed on the owners of the business.
Insurance Terms to Know

Duty to Defend

Duty to defend is the insurer's obligation to provide or pay for legal defense when a claim potentially falls within coverage.