Key Person Insurance definition

Key Person Insurance means those life and/or disability insurance policies obtained and/or maintained by the Company to compensate the Company, or its assigns, for financial losses that would arise from the death or extended incapacity of the Consultant.
Sample 1

Examples of Key Person Insurance in a sentence

  • The Company shall obtain the Key Person Insurance, and such Key Person insurance shall be effective, no later than thirty (30) days after the date hereof.

  • However, we do not offer advice on Pure Protection policies such as, but not limited to: Term Assurance, Private Medical Insurance, Payment Protection Insurance, Permanent Health Insurance, Key Person Insurance or Shareholder Protection Insurance.

  • Key Person Insurance in an amount equal to $2,000,000 on the life of each Founder (as each such term is defined in Section 5.5) shall be in full force and effect on the First Closing Date.

  • COVENANTS 13 4.1 Financial Statements and Budget Information; Inspections 13 4.2 Indemnification; Insurance 13 4.3 Board of Directors 14 4.4 Restrictive Covenants 14 4.5 Repurchase; Use of Proceeds 15 4.6 Key Person Insurance 15 4.7 Stock Awards 15 4.8 Assignment 15 SECTION 5.

  • The risk of losing an important member of staff -Key Person Insurance – protects the business against the loss of a valuable staff member.

  • Key Person Insurance M Financial Group’s Advanced Markets Insights are designed to help clients understand sophisticated planning strategies and their applications.

  • The commission shall be calculated by reference to and upon all hire, freight, deadfreight and demurrage collected on such transactions.

  • AAC will have the sole right to designate the beneficiary of all such Key Person Insurance during the Employment Period and the sole right to all benefits payable pursuant to any Key Person Insurance with respect to any event occurring during the Employment Period.

  • The Company shall procure within 30 days -------------------- following the First Closing, and maintain in effect thereafter, "key person" life insurance policies, payable to the Company, on the life of Xxxxx Xxxxxxx (so long as he remains an employee of the Company), in the amount of $2,000,000 (the "Key Person Insurance").

  • Further limit the Key Person Insurance as a type of life insurance manager of the property, key person insurance falls under a federal law that establishes a couple of limitations.

Related to Key Person Insurance

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Alien insurer means an insurer domiciled outside the United States.

  • Dental Insurance The District shall contribute $175.00 annually toward the cost of dental insurance whether for single or family coverage for full status employees who qualify for and enroll in the plan. The cost of the premium not contributed by the District for family coverage shall be borne by the employee through payroll deduction. This coverage shall continue for the duration of this contract.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • First party insurance means an insurance policy or contract in which the insurer

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Guaranteed automobile protection insurance means insurance offered in

  • Crew Insurances means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Primary insurance means the policies listed in this policy’s Umbrella Schedule.

  • Association captive insurance company means a company that insures risks of the member organizations of the association and their affiliated companies.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • Insureds Premises Not An "Insured Location" a. Owned by an "insured"; b. Rented to an "insured"; or c. Rented to others by an "insured"; that is not an "insured location";

  • In-Orbit Insurance means, with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth in this Indenture.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Insurers means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of any protection and indemnity or war risks association in which any or the Collateral Vessels may at any time be entered.

  • Member insurer means any person who:

  • Sponsored captive insurance company means a captive insurance company:

  • Additional Insureds has the meaning specified in Section 7.06(a) of the Indenture.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Property Insurance is defined in Section 6.10(a).