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key person insurance (also known as key employee or key man insurance) is a life insurance policy that financially supports a business if an essential employee —. a key employee policy is taken out by company x on its vice president. Ten years later, this employee leaves company x and begins working for company y. Study chapter 10 uses of life insurance quiz flashcards from molly bornstad's class online, or in brainscape's iphone or android app. any employee insured under a group life insurance plan is normally a. Given a master certificate b. Covered on a noncontributory basis c. Required to show proof of. key person life insurance is coverage on the life of an individual who is vital to a business’s success. It’s also referred to as key man insurance and key employee. key person life insurance (also known as “key man insurance” or “key employee insurance”) is a type of life insurance and disability insurance policy that reduces the. ch 10 uses of life insurance. Click the card to flip 👆. study with quizlet and memorize flashcards containing terms like key employee life insurance, when is key employee insurance used?, advantages of key employee. Sign up now to access key employee.