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LSDefine

Simple English definitions for legal terms

corporate-owned life insurance

Read a random definition: Domesday Book

A quick definition of corporate-owned life insurance:

Corporate-owned life insurance is a type of life insurance policy that a company buys on an employee's life, with the company as the beneficiary. If the employee dies, the company receives the payout. There are many other types of life insurance, including ones that pay out a fixed amount after a certain period or ones that cover multiple people. Some policies require regular premium payments, while others only require a single payment.

A more thorough explanation:

Corporate-owned life insurance is a type of life insurance policy that a company buys on an employee's life, with the company named as the beneficiary. It is also known as COLI.

For example, if a company buys a COLI policy on one of its executives, the company will receive the death benefit if the executive dies. The company can use the death benefit to cover the costs of finding and training a replacement or to offset the financial impact of losing a key employee.

COLI policies are controversial because some people believe that companies should not profit from the death of their employees. However, others argue that COLI policies are a legitimate way for companies to manage risk and protect their financial interests.

corporate-opportunity doctrine | corporate purpose

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General

General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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