Key Person Insurance definition

Key Person Insurance means those life and/or disability insurance policies obtained and/or maintained by the Company to compensate the Company, or its assigns, for financial losses that would arise from the death or extended incapacity of the Consultant.
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Examples of Key Person Insurance in a sentence

  • Key Person Insurance The Company does not maintain key person insurance on any of its directors or officers, and as result the Company would bear the full loss and expense of hiring and replacing any director or officer in the event the loss of any such persons by their resignation, retirement, incapacity, or death, as well as any loss of business opportunity or other costs suffered by the Company from such loss of any director or officer.

  • However, we do not offer advice on Pure Protection policies such as, but not limited to: Term Assurance, Private Medical Insurance, Payment Protection Insurance, Permanent Health Insurance, Key Person Insurance or Shareholder Protection Insurance.

  • The Company shall obtain the Key Person Insurance, and such Key Person insurance shall be effective, no later than thirty (30) days after the date hereof.

  • Key Person Insurance In addition to a business continuation plan that outlines how the company will maintain operations if a key person dies, falls ill, or leaves, some companies may wish to buy key person insurance.

  • Policy Elements – Key Person Insurance without Split Dollar Arrangement Policy Elements without Split Dollar 500,000400,000300,000200,000100,000 600,0000Illustration 1 Notes• There is no split dollar arrangement.

  • Key Person Insurance - Life insurance and long-term disability income insurance on major employees, with benefits payable to the business.

  • Key Person Insurance: The Corporation will purchase key person insurance in the amountsof $ for individual A and $ for individual B.

  • Outline insurance held for the following areas: Directors’ & Officers’ Liability: a) for the funds; b) for the management companies; Professional Indemnity or Errors and Omissions; Crime (employee fidelity/third party fraud); Key Person Insurance; For each area of risk insured, please provide the name of the insurer, the insurer’s rating, the level of cover purchased, the renewal date of the policy and any key exclusions or non-standard terms.

  • Key Person Insurance in an amount equal to $2,000,000 on the life of each Founder (as each such term is defined in Section 5.5) shall be in full force and effect on the First Closing Date.

  • The purpose of Key man / Key Person Insurance is to protect a business firm against the reduction in profits resulting from the death of a valuable and important person to the business entity.

Related to Key Person Insurance

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Dental Insurance The District shall contribute $360.00 annually toward the cost of dental insurance whether for single or family coverage for full-status employees who qualify for and enroll in the plan. The cost of the premium not contributed by the District for family coverage shall be borne by the employee through payroll deduction.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Crew Insurances means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Primary insurance means the policies listed in this policy’s Umbrella Schedule.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Insureds Premises Not An "Insured Location" "Bodily injury" or "property damage" arising out of a premises:

  • In-Orbit Insurance means, with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth in this Indenture.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Insurers means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of any protection and indemnity or war risks association in which any or the Collateral Vessels may at any time be entered.

  • Sponsored captive insurance company means a captive insurance company:

  • Additional Insureds has the meaning specified in Section 7.06(a) of the Indenture.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Property Insurance is defined in Section 6.10(a).