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.
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
Betty Brown says she is accepting the honour on behalf of all the victims of the scandal.
Four people were hospitalised and there were more than 140 cases of sickness and diarrhoea in Devon.
Some reports have linked the incident to recent cases of high-profile Instagram accounts being hijacked.
The tech giant predicts it will have a quantum computer that can solve commercially useful problems by the end of the decade.
MPs will hear the concerns of graduates about the size of their student debts, and the interest rates.