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KEY PERSON INSURANCE
Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
Coverage up to specific limits for the cost of ransom or extortion payments and related expenses. Often bought by international corporations to cover employees. Most policies have large deductibles and may exclude certain geographic areas. Some policies require that the policyholder not reveal the coverage’s existence.
NOTE: Insurance glossary content has been provided by Insurance Information Institute. These definitions are simply a description of industry terms and are not applicable in all locations or instances. For full details concerning your actual policy, please refer to your official policy for full coverage details or call your agent. Terms, conditions and exclusions may apply. Again, these glossary terms and definitions are only a general information guide and may not alter or change your own contract. As always, if you have any questions, call us at (877) 341-5728.