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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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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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