business life insurance: Insurance Glossary Dictionary III - business life insurance

Definition of business life insurance:

business life insurance: Life insurance purchased by a business enterprise on the life of a member of the firm. It is often bought by partnerships to protect the surviving partners against loss caused by the death of a partner, or by a corporation to reimburse it for loss caused by the death of a key employee. (Also known as key person insurance.)

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The meaning of business life insurance is an excerpt from Bank of America Insurance Glossary

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