Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Finance ministers and the IEA discussed options for stabilising oil prices which surpassed $100.
The conflict in the Middle East could raise the cost of petrol, household energy bills and even food.
A big intervention is being discussed in the oil markets, but as yet, we do not know how big the problem will be.
With fuel and gas prices having risen in recent days, here are some ways the conflict could affect households.
For every $10 rise in oil prices, motorists face paying roughly 7p per litre more in the UK.