The phrase "deceased partner" refers to someone who was in a romantic or business relationship with another person, but has now passed away. Full definition
Business succession planning is therefore a way to provide liquidity so that the surviving partners or the company itself can facilitate a buyout of deceased partner's interest. (insuranceandestates.com)
To put it another way deceased partners shares would be bought by the surviving partners as per the buy - sell agreement. (lifeinsurancehub.net)
The distinction is that, for business succession planning, life insurance is purchased to insure surviving business partners against the loss of a business deceased partner. (insuranceandestates.com)