The person who is receding coverage

The person who pays for the coverage

The company providing coverage (ex. nationwide, ING, Transmaerica )

The amount of police owner pays the insurer for the coverage provided.

Money that is available while policy owner alive

Key person life insurance

Used by business to protect themselves in case a valued employee dies . The death benefit would be paid to the company to hire and train a replacement .

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prefixes and suffixes

Term	Definition
Insured	The person who is receding coverage
Policy owner	The person who pays for the coverage
Insurer	The company providing coverage (ex. nationwide, ING, Transmaerica )
Premium	The amount of police owner pays the insurer for the coverage provided.
Cash value	Money that is available while policy owner alive
Key person life insurance	Used by business to protect themselves in case a valued employee dies . The death benefit would be paid to the company to hire and train a replacement .