Sentences with phrase «insured key person»

The policy's proceeds are used to offset the loss experienced by the company upon the insured key person's death.

Term insurance can also be used to insure a key person in the company so that business can continue smoothly after the key person's death.

This is usually used by businesses that insure a key person and may want to switch the insured when an employee is replaced.

(Some people buy term life insurance as key person insurance, insuring a key person in their organization.)

And level term life insurance is also great for covering a mortgage, insuring a key person, or protecting a small business loan.

Not exact matches

Note: some people use AAA to insure against the inconveniences of lost keys, flat tires, and dead batteries

Because key person insurance is simply life insurance that insures the company against the loss of a key business partner or key employee, the decision to purchase key person insurance necessitates some choices about the type of insurance that is most beneficial.

As discussed above, key person insurance insures the company against the loss of key people.

Key person life insurance policies are taken out by companies on their employees, with death benefits that are paid to the company, rather than to the insured person or to their estate or heirs.

However, it is possible to insure more than two people, say for example in the case of some key employees.

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.

You may choose to insure this individual with key - person insurance to compensate the business for lost revenue and production if this key person were to become disabled or to die.

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.

If an imposter obtains key personal information such as a Social Security or Driver's License number, or other method of identifying an insured person in order to impersonate or obtain credit, merchandise or services in the insured person's name, the Outreach plans provide coverage for up to $ 500 for the reasonable, customary and necessary costs incurred by the insured for: re-filing a loan or other credit application that is rejected solely as a result of the stolen identity event; notarization of legal documents, long - distance telephone calls, and postage that has resulted solely as a result of reporting, amending and / or rectifying records as a result of the stolen identity event; up to three credit reports obtained within one year of the insured person's knowledge of the stolen identity event; and stop payment orders placed on missing or unauthorized checks as a result of the stolen identity event.

The key person being insured must provide written consent for the company to own a life insurance policy on him / her.

When designating a key employee to insure, the most important question to ask is: Will the loss of this person impact revenue?

Its purpose is to insure a business owner or other key person who could not be easily replaced.

If an imposter obtains key personal information such as a Social Security or Driver's License number, or other method of identifying an insured person in order to impersonate or obtain credit, merchandise or services in the insured person's name, thePatriot Platinum plans provide coverage for up to $ 500 for the reasonable, customary and necessary costs incurred by the insured for: re-filing a loan or other credit application that is rejected solely as a result of the stolen identity event; notarization of legal documents, long - distance telephone calls, and postage that has resulted solely as a result of reporting, amending and / or rectifying records as a result of the stolen identity event; up to three credit reports obtained within one year of the insured person's knowledge of the stolen identity event; and stop payment orders placed on missing or unauthorized checks as a result of the stolen identity event.

Depending on who you want to insure, the calculation for how much key person coverage you need will change significantly.

If an imposter obtains key personal information such as a Social Security or Driver's License number, or other method of identifying an insured person in order impersonate or obtain credit, merchandise or services in the insured person's name, the Patriot Multi-Trip plans provide coverage for up to $ 500 for the reasonable, customary and necessary costs incurred by the insured for: re-filing a loan or other credit application that is rejected solely as a result of the stolen indentity event; notarization of legal documents, long distance telephone calls, and postage that has resulted solely as a result of reporting, amending and / or rectifying records as a result of the stolen identity event; up to three credit reports obtained within one year of the insured person's knowledge of the stolen identity event; and stop payment orders placed on missing or unauthorized checks as a result of the stolen identity event.

The policy term is for the specified time period or until the person being insured is no longer with the company in the capacity of a key person.

The goal when valuing a key person for life insurance is to get the correct amount of coverage (not under - insured or over-insured) based on the specific needs of the business.

To submit it, the application will need to be signed by both the key person (the insured) and a representative of the business as the policy owner (applicant).

If an imposter obtains key personal information such as a Social Security or Driver's License number, or other method of identifying an insured person in order to impersonate or obtain credit, merchandise or services in the insured person's name, the Patriot GoTravel plans provide coverage up to $ 500 for the reasonable, customary and necessary costs incurred by the insured for: re-filing a loan or other credit application that is rejected solely as a result of the stolen identity event; notarization of legal documents, long dis - tance telephone calls, and postage that has resulted solely as a result of reporting, amending and / or rectifying records as a result of the stolen identity event; up to three credit reports obtained within one year of the insured person's knowledge of the stolen identity event; and stop payment orders placed on missing or unauthorized checks as a result of the stolen identity event.

These will depend primarily on the type of company that is purchasing the policy (or policies), the number of key people that are being insured, and the specific goals that the company is trying to accomplish.

Life insurance only pays benefits on the death of the insured person, but disability of a key player can be equally devastating to a business.

However, it is possible to insure more than two people, say for example in the case of some key employees.

Another key feature of this government's health insurance scheme is that the insured people will receive cashless treatment at the network of hospitals upon displaying the smart card and following the verification process.

Because key person insurance is simply life insurance that insures the company against the loss of a key business partner or key employee, the decision to purchase key person insurance necessitates some choices about the type of insurance that is most beneficial.

As discussed above, key person insurance insures the company against the loss of key people.

Pricing insurance is all about assessing risk, and insurance companies consider a person's financial reliability (largely determined by their credit history) as a key factor in determining how risky that person is to insure.

There is a defined insurable interest between the organization and the key person that results from the expected loss of revenue resulting from the death of the insured.

Another important condition for keyperson insurance is that the key person insured must have less than a certain shareholding.

Life insurance companies will typically allow you to insure up to 10 or 15 times a key person's total compensation.