What is KEY PERSON INSURANCE?

Life and/or disability insurance. Loss of profit, goodwill, or increased expenses are mitigated with coverage of one or more key employees. Search and training a successor for a key person may also be covered. Also known as key employee insurance.

More On This Topic



Link to This Definition
Did you find this definition of KEY PERSON INSURANCE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary