Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
It comes as the country's president and Hyundai's chief executive have warned about the impact of the raid.
The reported bid would be for a business which includes news network CNN, HBO, and the film studio behind Barbie and Harry Potter.
The owner of the eponymous department store and Waitrose expects the business to return to profit.
Staff in Solihull, Halewood and Wolverhampton have been told not to come into work until Wednesday.
The Korean car maker says many of the arrested workers now want to get back home