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Simple English definitions for legal terms

key-employee life insurance

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A quick definition of key-employee life insurance:

Life insurance is an agreement between a person and an insurance company. The person pays a certain amount of money, called a premium, and in return, the insurance company promises to pay a specified amount of money to a designated person, called a beneficiary, when the insured person dies. There are different types of life insurance, such as whole life insurance, which covers a person for their entire life and has a savings component, and term life insurance, which covers a person for a specific period of time and does not have a savings component. Key-employee life insurance is a type of life insurance taken out by a company on an essential or valuable employee, with the company as beneficiary.

A more thorough explanation:

Key-employee life insurance is a type of life insurance that a company takes out on an essential or valuable employee, with the company as the beneficiary. This means that if the employee dies, the company receives the payout from the insurance policy.

For example, if a company has a CEO who is crucial to the success of the business, they may take out key-employee life insurance on that CEO. If the CEO were to pass away, the company would receive the payout from the insurance policy to help cover the costs of finding a replacement and any other expenses related to the loss of the CEO.

Another example could be a small business owner who is the sole provider for their family. The business could take out key-employee life insurance on the owner to ensure that if something were to happen to them, the business could continue to operate and support the owner's family.

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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