This policy pays a benefit which continues throughout the joint lifetime of two people, but terminates at the first death.
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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.