Keyman Insurance


 

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Keyman Insurance

Insurance through loss (through death or disability) of a "key" (important) person in a company. The liability is the estimated cost of the loss (in business lost, and replacement of the individual). Some lenders require this insurance before lending to small companies which rely on one or a few "key" people.



Keyman Insurance

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Single premium life insurance

Single premium life insurance

A whole life insurance policy requiring one premium payment, which accrues cash value much more quickly than a policy paid in installments.


Group insurance

Group insurance

Insurance provided for company employees by employers. Items covered may include health insurance, disability insurance and term life insurance. It would be considerably more expensive for a single employee to obtain such insurance.


Third party insurance

Third party insurance

Insurance which covers against liability which the insured may incur to another person. Every driver in the UK has to be covered for third party motor insurance. If the you damage someone else's car, or injure someone, your third party insurance will pay for any damages you have to pay to the third party, but you will only be able to claim for damage to your own car if you have 'comprehensive' insurance.


Federal Insurance Contributions Act

Federal Insurance Contributions Act

In the US, the federal law which directs employers to withhold a proportion of employees' salaries for payment to the government in order to provide future pension and other social security benefits.


Participating life insurance

Participating life insurance

Life insurance which pays bonuses to policyholders based on the company's investment performance. The policyholder can sometimes choose whether to take the dividend in the form of cash, reinvest in the policy or pay a reduced premium.


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