Common use of Key Person Insurance Clause in Contracts

Key Person Insurance. The Company will have the right, in its sole discretion, to purchase “key person” insurance on the life of the Executive. The Company shall be the owner and beneficiary of any such policy. If the Company elects to purchase such a policy, the Executive will take such physical examinations and supply such information as may be reasonably requested by the insurer.

Key Person Insurance. The Executive acknowledges that the Company will have the right, in its sole discretion, may wish to purchase “key person” insurance on the life of the Executive, the proceeds of which would be payable to the Company or an affiliate of same. The Company shall be the owner Executive hereby consents to such insurance and beneficiary agrees to submit to any medical examination and release of any medical records required to obtain such policy. If the Company elects to purchase such a policy, the Executive will take such physical examinations and supply such information as may be reasonably requested by the insurerinsurance.

Key Person Insurance. The Company will have the right, in its sole discretion, to may purchase “key person” key-person insurance on the life and health of the Executive. The Company beneficiary under such insurance purchased on the life and health of the Executive shall be the owner and beneficiary of any Company. The Executive agrees to perform such policy. If acts (such as health checks) as may be required by the insurer in order for the Company elects to purchase such a policy, the Executive will take such physical examinations and supply such information as may be reasonably requested by the insurerkey-person insurance.