key person


Also found in: Dictionary, Financial.
Related to key person: Key Person Insurance
Mentioned in ?
References in periodicals archive ?
Common requirements are that the key person be one of the five highest paid officers, a 5% owner or an employee who is among the highest paid 35% of all employees (see New York Insurance Department.
Key person coverage is life insurance on a "key" employee, proprietor, or partner integral to ongoing operations of a business, explains Villarreal, who has been with New York Life Insurance for more than ten years.
Recent research by Legal and General has shown that current perceptions of what could happen if a key person were to die, or diagnosed critically ill, are in fact misguided and not aligned with the reality.
Insurance advisors should remind retiring business owners and business brokers not to overlook the possible hidden asset value of key person life insurance.
It provides tailored life insurance solutions that protect SMEs against the death or critical illness of a key person by providing Key Person, Liability and Partner protection.
Recently, Lord Grantham lost his co-owner and key person in Matthew after his untimely death.
Inspector Eileen Grimes said "the wellestablished key person system helps children form secure attachments and promotes their overall well-being efficiently.
Every time a key person life insurance policy is in place and the key person has retired and not remaining with the company; that policy becomes unnecessary.
Yet surveys show that most business owners aren't even aware that they can buy insurance to cover these exposures with products like business overhead expense policies, individual disability insurance (IDI), key person disability insurance, and disability overhead expense plans.
The 24 December events are surely the ones that shook the entire country and the key person in them was former president of the country and current leader of the largest opposition party SDSM, Mr.
A key person is defined as someone with specialist knowledge or skills upon which business profitability is largely dependent.