Split dollar insurance: An arrangement between two people (often an employer and an employee) where life insurance is written on the life of one who also names the beneficiary of the net death benefits (death benefits less cash value), and the other is
assigned the cash value (or equivalent amount of death benefits), with both
sharing the premium payments (usually the noninsured paying a portion
equal to the increase in cash value each year and the insured paying the balance of the annual premium).