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Glossary of terms used on this site

There are 73 entries in this glossary.
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K

Term Definition
Key Person

Is an individual with unique skills and knowledge that will be difficult to replace and whose loss will impact on business viability.

KeyPerson Insurance

Is a tool to protect a business. Key Person insurance is of no direct value to an employee. This type of policy must be owned by a business and will provide cash, with income tax consequence for that business following the death of an identified key person or persons.

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We were looking for a method to ensure two of our senior partners could afford to retire in 4 years, and that we could afford to purchase their shares. Jim gave us much more than we expected and spent a great deal of time understanding our issues. His report is one of the most important in our business and will be often referred to in future years.