Sentences with phrase «beneficiary of a key person»

Not exact matches

Presenting the monetary compensation and keys to the beneficiaries, Governor, Ogbeni Rauf Aregbesola said the compensations were in fulfillment of government's promise that people will not be burdened by developments on - going in the different parts of the state.

So, if your company is the beneficiary, which is kind of the point of key person insurance, then the premiums are not deductible (similar to a personal life insurance contract) because the death benefit is not subject to taxation.

Often the employer is the beneficiary of the policy and the policy typically is referred to as key person insurance.

A key person insurance policy designed to insure the company against the loss of a valuable employee is another situation where a business entity may be the designated beneficiary of the life insurance policy.

At the death of the key person, your business (the policy beneficiary) will file a claim with the insurance company to receive the death benefit.

One key point to make here is that if two or more primary beneficiaries are selected, and one or more of them is dead upon the passing of the insured person, the money will be distributed to the remaining primary beneficiaries, rather than any of the funds going to the secondary beneficiaries.

The business is the owner of the policy, pays the premium and is the beneficiary in the event the key person dies.

For key person insurance policies, a company purchases a life insurance policy on its key employee (s), pays the premiums and is the beneficiary of the policy.

At the death of the key person, your business (the policy beneficiary) will file a claim with the insurance company to receive the death benefit.

The company buys the insurance to cover the life of the key person and is also the policy beneficiary.

Furthermore, key man insurance and other employer - owned life insurance is specifically covered under Section 1.264 - 1 (a) and states the premiums paid for life insurance on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

The business applies for and owns the life insurance policy, pays all premiums and is the beneficiary of the policy in the event of the death of the key person.

Most key person life insurance is structured with the business being the owner and beneficiary of the life insurance policy.

Often the employer is the beneficiary of the policy and the policy typically is referred to as key person insurance.

So, if your company is the beneficiary, which is kind of the point of key person insurance, then the premiums are not deductible (similar to a personal life insurance contract) because the death benefit is not subject to taxation.

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Definition: Key Person Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiaKey Person Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the benefiPerson Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiakey person or persons, with the organization listed as the benefiperson or persons, with the organization listed as the beneficiary.

The broker principal designates who in the organization is considered a key person and purchases a life insurance on that person, pays the periodic premiums, and is the beneficiary of the policy.

Definition: Key Person Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiaKey Person Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the benefiPerson Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiakey person or persons, with the organization listed as the benefiperson or persons, with the organization listed as the beneficiary.