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    Question

    A policy purchased by, for the benefit of, a business

    insuring the life or lives of personnel integral to the business operations is called?
    A Hospital Insurance Correct Answer Incorrect Answer
    B Renewable Term Insurance Correct Answer Incorrect Answer
    C Key-Person Insurance Correct Answer Incorrect Answer
    D Multi-Peril Insurance Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    A life insurance policy that a company purchases on a key executive's life. The company is the beneficiary of the plan and pays the insurance policy premiums. This type of life insurance is also known as "key man insurance," "key woman insurance" or "business life insurance."

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