Payment of the proceeds of a Life Insurance policy, or its cash value in installments rather than in a lump sum. The term refers to any one of the options in a Life Insurance policy that has this result.
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Key Employee Insurance
(1) Insurance on the life or health of a key employee, the loss of whose services would cause an employer financial loss. The policy is owned by and payable to the employer. (2) In Health Insurance the term is also used to designate Salary Continuation Insurance or a medical benefit plan payable to the key employee himself, with the employer paying all or part of the premium.